10/2/2019, 10:00 PM (Source: TeleTrader)
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Wall Street closes with sharp losses, Dow drops nearly 500 pts

Wall Street closed in the red on Wednesday with stocks suffering major losses amid growing fears of a recession prompted by weak manufacturing data.

Meanwhile, tensions between President Donald Trump and Democrats increased as an impeachment inquiry into the president continues. Trump hit back at Democrats on multiple occasions during the day, claiming he is the victim of a "hoax."

After hitting an intraday low of 599 points, the Dow Jones lost 494 points at the close with Walgreens Boots Alliance as the worst performer. The S&P 500 dropped 1.79% as biopharma company Nektar Therapeutics plunged 6.13%. The Nasdaq 100 tanked 1.74%; American Airlines and United Airlines were the biggest losers, falling 5.30% and 4.72% respectively.

Breaking the News / JC