Markets Right Now: Another steep drop pulls Dow down 500

Markets Right Now: Another steep drop pulls Dow down 500

The same is true of the Dow, which has dropped more than 7% since December 1. It has fallen 13.1 percent since its last record close on September 20.

In addition to the looming government shutdown threat, investors prepared for the outcome of the two-day meeting of the Federal Open Market Committee, which began on Tuesday.

Benchmark U.S. crude fell 2.6 percent to $49.88 a barrel in NY.

Still, the benchmark S&P 500 index began the trading session nearly 8 percent lower for December.

A number of strategists have underscored the recent spate of death crosses materializing-a death cross appeared in the S&P 500 index about 10 days ago and another formed in the small-capitalization oriented Russell 2000 index in mid November. The Nasdaq Composite Index was up 30.18 points, or 0.45 percent, to 6,783.91, Xinhua news agency reported.

The Standard & Poor's 500-stock index and the tech-laden Nasdaq composite also dropped 2.1 and 2.3 percent respectively.

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The Dow lost 507 points, or 2.1 percent, to 23,592.

That and the stock market crush are hurting shaking confidence in global growth and future demand for oil. Shares of Inc dropped 4.5 percent, creating the biggest drag on the S&P 500 and the Nasdaq. "The hiatus on trade helps as well, but I'm a bit more skeptical about how long lasting that is", Ronald Temple, head of US equity at Lazard Asset Management, told Bloomberg TV.The Fed is likely to hike rates on Wednesday, even as President Donald Trump intensifies his attacks on the central bank. West Texas Intermediate crude is down more than 3.5%, trading at $48.41 a barrel, while Brent crude is down a similar margin, trading at $57.55.

YIELDS: The yield on the 10-year Treasury dipped to 2.84 percent from 2.85 percent late Monday.

Hackett, of Nationwide, said investors will be happy if the Fed adjusts its plans and projects fewer increases in interest rates next year.

FED DECISION: The Fed is widely expected to raise its short-term interest rate after a meeting ends Wednesday. She canceled a vote on the deal last week because it was clear legislators were going to reject it. Hong Kong's Hang Seng was less than 0.1 percent lower.

Johnson & Johnson shares rose 1.0 percent after a almost 13 percent drop over two days on a Reuters report that the company knew for decades that its Baby Powder contained asbestos. Facebook stock rallied 2.4% while Google-parent Alphabet added 1.7%. J&J shares ended 2.9 percent lower. The euro rose to $1.1373 from $1.1350, and the British pound rose to $1.2646 from $1.2629.