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 ...