Stocks now down for year as economic concerns grow
Four stocks fell on Tuesday for each one that rose, with the Dow closing 266 points down, the Nasdaq falling 75 points, and the S&P 500 losing 33 points
Barclay's Capital traders work on the floor of the New York Stock Exchange as US President Barack Obama is seen speaking on a television, Aug. 2, 2011.
Brendan McDermid / Reuters
NEW YORK
A sell-off is erasing all of the year's gains in the stock market.
The Standard & Poor's 500 lost 2.6 percent Tuesday as investors grew increasingly concerned about the economy. The benchmark index is now at its lowest point of the year.
A report that consumers cut their spending in June for the first time in two years added to a series of weak economic indicators have pushed stocks lower for seven straight days.
The S&P is closing down 33 points to 1,254. The Dow Jones industrial average is down 266, or 2.2 percent, to 11,867. The Nasdaq is down 75, or 2.8 percent, to 2,669.
Four stocks fell for every one that rose on the New York Stock Exchange. Volume was higher than average at 5.3 billion shares.