Dow tumbles 362 points as health care stocks drag on Wall Street

Dow tumbles 362 points as health care stocks drag on Wall Street

Dow tumbles 362 points as health care stocks drag on Wall Street

The Dow Jones Industrial average fell 241 points or 0.91 percent at the opening bell, its biggest opening gap-down in almost 16 years. A rise in 10-year Treasury note yield above 2.72% on Monday also has drawn attention, because rising rates can undercut appetite for stocks if government paper offer richer yields than risk assets like stocks. The S&P 500 decreased 31.10 points, or 1.09 percent, to 2,822.43.

At 2:50 p.m. ET, the Dow Jones Industrial Average fell 366.73 points, or 1.39 percent, to 26,072.75, the S&P 500 lost 29.99 points, or 1.05 percent, to 2,823.54 and the Nasdaq Composite dropped 69.35 points, or 0.93 percent, to 7,397.16.

Analysts blamed hefty losses in health care and technology stocks and declining crude oil prices, which caused energy stocks to fall.

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The CBOE Volatility index, widely considered the best fear gauge in the stock market, rose 6.86 percent to 14.79. The S&P health sector tumbled 1.6 percent, the most among the 11 major sectors. The Dow was off 209 points, or 0.8%, while stocks overall saw additional pressure from a selloff by health care shares.

The Nasdaq is up 563.11 points, or 8.2 percent. Apple was down another 0.6 percent, still feeling the effects of news that the company will halve production of its $999 iPhone X smartphone. Looking ahead, investors are awaiting the State of the Union address from President Donald Trump later Tuesday as well as the Federal Reserve's latest policy update on Wednesday.

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