US stocks plunged on Tuesday after fourth-quarter earnings and forecasts from mega-retailers like Walmart and Home Depot raised concerns about the strength of the US consumer.
The Dow and S&P 500 each closed with their worst day since December 15 – the Dow fell about 696 points, or 2.1%, while the S&P dropped by 2%. The Nasdaq Composite closed 2.5% lower.
Consumer spending accounts for about 70% of America’s gross domestic product, the broadest measure of the US economy, so a slowdown could weigh on growth and even send the United States into a recession.
Source: CNN
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