Traders assess possible market effect as U.S. airstrikes in Syria target ISIS.
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.
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