Wall Street slumps, putting stocks on track for their worst day in nearly a month
CBSN
U.S. stocks are slumping Tuesday following a disappointingly weak start to a week full of updates on the economy.
The S&P 500 was 1.9%, or 108 points, lower in afternoon trading and on track for its worst day in nearly a month, coming off a winning week that had carried it to the cusp of its all-time high. The Dow Jones Industrial Average was down 560 points, or 1.4%, from its own record set on Friday before Monday's Labor Day holiday. The Nasdaq composite was 3.1% lower, as of 2:45 a.m. Eastern time.
Treasury yields were also sinking in the bond market after a report showed U.S. manufacturing shrank again in August, as it continues to wilt under the weight of high interest rates. Manufacturing has been contracting for most of the past two years, and its performance for August was worse than economists expected.
An American Airlines jet with 60 passengers and four crew members aboard collided with an Army helicopter Wednesday night while coming in for a landing at Ronald Reagan National Airport near Washington. The Black Hawk helicopter was carrying a crew of three. Officials said early Thursday that everyone on board both aircraft is believed dead, which would make it the deadliest U.S. air crash in nearly a quarter century.