Dow skids over 500 points lower, on track for worst day in 2 1/2 months as technology stocks face fresh selling Tuesday
The Dow Jones Industrial Average early Tuesday was facing heavy selling pressure, putting the blue-chip index on pace for its worst one-day drop in over 10 weeks, FactSet data show. The Dow
was down by about 530 points, or 1.5%, at 34,226 Tuesday, which would represent its steepest slide since Feb. 25 when it fell 1.8%. Rising fears about inflation were being blamed for the renewed selling in the stock market, a day after the Dow hit a milestone at 35,000. Investors are betting that inflation is likely to climb steeply in coming months, driven by pent-up spending as well as supply bottlenecks. The broader market was also being sold as were international equities markets. The S&P 500 index
was down 1.6% at 4,123, while the Nasdaq Composite Index
was off 1.6% at 13,183, at last check.