A steep drop in shares of banks and other financial companies led a broad decline in U.S. stocks Thursday afternoon. The slump reflected heightened concerns about global economic weakness, even as Federal Reserve Chairwoman Janet Yellen reiterated her confidence in the U.S. economy. The latest slide put the stock market on track for its fourth loss in a row.
The Dow Jones industrial average dropped 353 points, or 2.2%, to 15,560 as of 2:03 p.m. Eastern Time. The Standard & Poor's 500 lost 34 points, or 1.9%, to 1,817. The Nasdaq composite fell 51 points, or 1.2%, to 4,232. All three indexes are down at least 10% since the beginning of the year.
GLOBAL JITTERS: Investors...
The Federal Reserve building in Washington D.C.