Dow falls almost 500 points, dragged down by Target and tech shares

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"On good days they're not the leaders, and on bad days they're the laggards". On the other hand, The Dow and S&P 500 were up 1.2 percent and 0.6 percent, respectively, for 2018 entering Tuesday.

The Dow dropped 551 points, and the S&P 500 and the Nasdaq Composite plunged by almost 2 percent, according to reports. It was down as much as 512 earlier.

The Nasdaq composite lost 219 points, or 3 percent, to 7,028. The large-company stock index, considered a proxy for the health of the broader market, briefly dipped 10 percent below its September 20 high, putting it back in so-called "correction territory".

The market's losses mount as a long period of low interest rates comes to a close, as the US central bank pushes rates higher in an attempt to get them back to more normal levels. Those hopes faded after the two countries clashed at a Pacific Rim summit over the weekend.

The Nasdaq is down 275.62 points, or 3.8 percent.

High-dividend stocks like utilities held up better than the rest of the market.

Nissan sank after its chairman was arrested on misconduct charges.

"Since the mid to end September, a lot of investors have been anxious that there are issues that are going to prevent some big technology shares from making money in the future", Schlesinger said, adding that the decline in stocks doesn't mean we've entered a recession.

For the first time in nearly 30 years, leaders at the summit could not agree on a joint declaration on world trade.

Last Thursday, the U.S. Apple added 0.5 percent to $177.84.

The Dow and S&P 500 remain in negative territory for the year.

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Nissan said Ghosn and another senior executive, Greg Kelly, were accused of offenses discovered during an investigation set off by a whistleblower. The Nasdaq composite rose 80 points, or 1.1 percent, to 6,988. Caterpillar fell 3.1 percent to $125.98 and Nike lost 3 percent to $72.52.

Boeing sank to $320.04 and Caterpillar fell 3.1 percent to $125.90.

Oil prices rebounded as benchmark US crude gained 2.2 per cent to $54.63 a barrel in NY.

United States weekly jobless claims rose to a more than four-month high.

Crude oil prices climbed 2.2 percent a day after sinking to their lowest level in a year.

Facebook Inc, Apple Inc, Amazon.com Inc and Alphabet Inc all rose, while Netflix Inc edged lower.

Apple rose 1.5 percent in early trading Wednesday and Amazon recovered 3 percent. The company recently announced it would no longer disclose unit sales of its iPhones. The Mercury News of San Jose reported Saturday that the company said in a filing that it had an outage at 6:45 a.m. on November 8 in Concow. The Camp Fire has killed at least 77 people and destroyed more than 10,500 homes.

In addition to the tech rebound, USA stocks also found support from speculation that the Federal Reserve could ease up on its path of interest-rate hikes, said Chad Morganlander, senior portfolio manager at Washington Crossing Advisors in Florham Park, New Jersey.

Gold rose 0.2 percent to $1,225.30 an ounce. Silver added 1.6 per cent to $14.50 an ounce. The pound extended its gains to $1.2880 from $1.2879, on news that Britain and the European Union had reached a deal in principle on future relations.

The S&P energy index gained 1.2%, as oil prices bounced back from a 6% plunge the previous day.

CURRENCIES: The dollar rose to 113.05 yen from 112.40 yen.

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