Wall Street took heavy losses on Wednesday, with all three major indices declining by 2 percent as disappointing employment data and a contraction in manufacturing activity fueled fears of an impending recession.
The Dow Jones Industrial Average dropped by as much as 598 points, or 2.24 percent, on Wednesday, wiping out all gains for the third quarter. The S&P 500 suffered a similar fate, falling 2.07 percent and erasing any yield for the last quarter. The tech-heavy Nasdaq lost 2 percent as Amazon, Apple, and Microsoft fell.
President Donald Trump blamed the Democrats for the market sell-off, tweeting that “impeachment nonsense” was driving down “the Stock Market, and your 401K’s.”