Dow plunges 400 points
The Dow Jones Industrial Average dropped 400 points at its lowest Tuesday, in the second day of selloffs ahead of President Trump's State of the Union address and the first of the Federal Reserve's two-day rate-setting meetings. If the Dow doesn't recover before markets close, the drop will be the biggest one-day plunge since June 2016, when the index fell 610 points, CNBC reports.
UnitedHealth was the worst performer, plunging 3.4 percent following the announcement that Amazon, JPMorgan Chase, and Berkshire Hathaway are partnering on a new health-care company.
On Monday, the average fell 177 points. "I think people are looking for an excuse to sell," SlateStone Wealth's chief investment strategist, Robert Pavlik, told CNBC. "This is the first wave of selling we've seen in a while."
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Jeva Lange was the executive editor at TheWeek.com. She formerly served as The Week's deputy editor and culture critic. She is also a contributor to Screen Slate, and her writing has appeared in The New York Daily News, The Awl, Vice, and Gothamist, among other publications. Jeva lives in New York City. Follow her on Twitter.
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