US STOCK MARKET: 3 REASONS BEHIND DOW JONES' 570 POINTS CRASH; NASDAQ CRACKS 2%
US Market News Today, Dow Jones Crash: US stocks ended lower on Tuesday ahead of the Federal Reserve policy meeting. The Dow Jones Industrial Average crashed 570.17 points or 1.47 per cent to close at 37,823.57. Tech heavyweight Nasdaq Composite lost 325.26 points or 2.04 per cent to finish at 15,657.82.
The S&P 500 index dropped 80.48 points or 1.57 per cent to end at 5,035.69.
Why US Market Crashed? 3 Points
US Labor Costs Accelerates
Data showed on Tuesday that US labor costs rose by a more-than-expected 1.2 per cent in the last quarter, amid a rise in wages and benefits.
A survey also found that US consumer confidence worsened in April, dropping to its lowest level in more than 1-1.5 years.
Fed Policy Outcome
The Federal Reserve policy meeting will provide further clarity on the rate cut. The Street is widely expecting the central bank to leave interest rates unchanged.
Magnificent Seven Stocks
Most Magnificent Seven stocks finished lower. While Tesla fell more than 5 per cent, Microsoft and Amazon dropped more than 3 per cent each. Alphabet closed lower by nearly 2 per cent. On the other hand, Nvidia dipped more than 1.50 per cent.
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