SA: Dow Jones drops 1,100+ points, Nasdaq, S&P 500 sink amid consumer stock carnage

© Witthaya Prasongsin

SEEKING ALPHA reports:

The Dow Jones Industrial Average tumbled more than 1,100 points Wednesday afternoon and the S&P 500 and Nasdaq Composite shed some 4% as investors dumped consumer names following disppointing earnings numbers from Target (TGT).

The Dow fell 1,102.06 points (-3.4%) to trade at 31,552.53 shortly before 2 p.m. ET, while the S&P 500 sank 156.44 points (-3.8%) to 3,932.41 and the Nasdaq gave up 539.13 (-4.5%) to hit 11,445.4.

Target is plunging 27% after reporting results earlier Wednesday that echoed the margin problems Walmart had. It’s reportedly the biggest one-day drop for TGT since the 1987 crash.

The retailers’ big selloff came one day after WMT saw a drop of the same magnitude. The downbeat results are sending mall stocks lower.

In fact, all 11 S&P sectors are down…

To read the full post, please click here (free reg. is required).

Now read this: “Trucking stocks trade in red; Morgan Stanley revisits LTL sector“.