Dow Pushes Back into Correction Territory
While spirits were high ahead of Pope Francis' highly anticipated visit to the U.S., stocks were drenched in red Tuesday.
The Dow and S&P 500 have closed lower three of the last four sessions. Today, the Dow fell 288 points at session lows, pushing the blue chip index back into correction territory. The Dow closed lower by 179 points. All 10 S&P 500 sectors ended lower as the S&P dropped 24 points. The Nasdaq slipped back into the red for 2015, falling 72 points.
Dragging the Dow lower was United Technologies (NYSE:UTX), Goldman Sachs (NYSE:GS), Intel (NASDAQ:INTC), Cisco (NASDAQ:CSCO) and Apple (NASDAQ:AAPL).
Continuing its collision course, Volkswagen dropped another 15% after the discovery that the German auto giant rigged emissions software to fool U.S. smog tests. The company has issued an apology and will recall half a million vehicles.
This news not only hit the automaker, but also dragged down companies that manufacture the parts that go in the car including Tenneco (NYSE:TEN), BorgWarner (NYSE:BWA), Federal-Mogul (NASDAQ:FDML), Delphi Auto (NYSE:DLPH) and Drew Industries (NYSE:DW).