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Market has rough day as big tech, industrial stocks tumble

April 24, 2018

Stocks closed sharply lower on Wall Street on Tuesday as big technology and industrial companies took heavy losses.

Shares in market favorites including Google parent Alphabet Inc. and Amazon dropped Tuesday, and heavy equipment maker Caterpillar sank 6.2 percent after warning of weaker profits.

3M, like several other manufacturers reporting their quarterly results, said it was seeing higher costs for raw materials. It dropped 6.8 percent.

Alphabet fell 4.8 percent after reporting a spike in spending.

The Dow Jones industrial average dropped 424, or 1.7 percent, to 24,024. It was down as much as 619 points earlier in the session.

The Standard & Poor's 500 index lost 35 points, or 1.3 percent, to 2,634. The Nasdaq gave up 121 points, or 1.7 percent, to 7,007.

The yield on the 10-year Treasury reached 3 percent for the first time since January 2014.

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