Stocks fell sharply on Thursday, pressured by worries of a potential trade war and a decline in tech shares. The broader market was also pressured by a decline in bank stocks.
The Dow Jones industrial average dropped 724.42 points to close at 23,957.89, with Caterpillar, 3M and Boeing as the biggest decliners. The 2.9 percent decline was the worst since Feb. 8.
The 30-stock index also briefly entered correction territory for the first time since last month, falling 10 percent from its 52-week high at one point late in the day.
The S&P 500 fell 2.5 percent to 2,643.69, with seven of 11 sectors — including tech and financials — dropping more than 2 percent. Financials was the worst-performing sector in the index plunging 3.7 percent, its worst day since Feb. 8 when it dropped 4.5 percent. The Nasdaq composite pulled back 2.3 percent to close at 7,166.68.