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Dow off more than 100 again after airstrikes

Traders assess possible market effect as U.S. airstrikes in Syria target ISIS.
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Stocks fell Tuesday after European markets plunged on weaker-than-expected eurozone economic data and as U.S.-led airstrikes began against ISIL in Syria.

Nearly half of the Dow’s 117-point drop came in the last 20 minutes of trading, with the SP 500 and Nasdaq echoing that end-of-day plunge pattern.

Investors have turned cautious as concerns over global conflicts and economic growth are resurfacing.

The Dow Jones industrial average dropped more than 100 points for a second second straight day, losing 0.7% to 17,055.87.

The Standard Poor’s 500 index dropped 0.6% to 1982.77 and the Nasdaq composite index fell 0.4% to 4508.69. The SP 500 and Nasdaq logged a third straight day of losses.

Oil prices rose as the benchmark contract for October delivery was up 55 cents, or 0.8%, to $91.42 a barrel. The yield on the 10-year Treasury note fell to 2.54% from 2.57% Monday.

Share of Alibaba (BABA) dropped for a second straight day after Friday’s blockbuster stock debut. Alibaba was down 3% to $87.20.

In Europe, stocks were hurt by a report that showed that the economy of the 18-country eurozone is failing to find any renewed momentum. Britain’s FTSE tumbled 1.4% to 6676.08 and Germany’s DAX index dropped 1.6% to 9595.03. France’s CAC 40 plunged 1.8% to 4359.35.

In its monthly survey, financial information company Markit said its purchasing managers’ index for the eurozone — a closely watched gauge of business activity — fell to a nine-month low of 52.3 in September.

Asian markets were mixed as China’s Shanghai composite index jumped 0.9% to 2309.72 on better-than-expected Chinese manufacturing data. Japan’s benchmark Nikkei 225 index fell 0.7% to 16,205.90 and Hong Kong’s Hang Seng index dropped 0.5% to 23,837.07.

U.S. markets ended lower Monday as the Dow dropped 107.06 points, or 0.6% to 17,172.68. The SP 500 fell 16.11 points, or 0.8%, to 1994.29. The Nasdaq plunged 52.10 points, or 1.1% to 4527.69.

Contributing: The Associated Press



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