Dow down over 400 points in last hour of trade as stocks tumble for second straight day
Major U.S. stock indexes fell sharply Tuesday afternoon, continuing a sharp rout on Wall Street for the week. The Dow Jones Industrial Average was off about 430 points, or 1.3%, at 33,516, after touching a session low of 33,418.59, according to FactSet. The S&P 500 index was down 1.7% and the Nasdaq Composite Index was 2.1% lower. At the session lows, both the S&P 500 and Dow were headed for their worst 2-day decline in about two months, according to Dow Jones Market Data. Investors have grown jittery about a roaring labor market that could thwart the Federal Reserve's attempt to start raising its policy rate in smaller increments. Inflation has proven hard to ease after it hit a 40-year high earlier this year, even through the Fed's policy rate already in November climbed to its highest level in 15 years.
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