Fears of an imminent U.S. recession were palpable on Wall Street on Tuesday, as investors reacted with dismay to a report indicating the first contraction in the services sector in nearly five years. Major U.S. indexes plummeted, in some cases recording the biggest one-day declines in a year.
On Tuesday, the Dow Jones industrial average finished 370.03 points, or 2.93%, lower at 12,265.13. The broader S&P 500 index lost 44.18 points, or 3.20% to trade at 1,336.64, its biggest one-day loss in a year. The tech-heavy Nasdaq composite index fell 73.28 points, or 3.08%, to 2,309.57.
