The Dow Jones Industrial Average opened almost another 2% lower on Tuesday after two days of heavy losses that have undermined faith in the U.S. stock market’s almost decade-long rally.
U.S. stocks had opened sharply lower on Tuesday as the major indexes headed for their third straight day of steep losses. The Dow Jones industrial average fell 250 points, pushing its three-day points losses above 2,000 points. The 30-stock index also traded about 10% below a record high set last month.
The S&P 500 pulled back 0.9%, with utilities as the worst-performing sector. The Nasdaq composite pulled back 0.7% after dropping more than 1%.
Global markets also fell sharply. The German Dax dropped 2.4%, while the French CAC 40 fell 2.6%. In Asia, the Japanese Nikkei 225 plunged 4.7%, while the Shanghai composite pulled back 3.4%.
On Monday, the Dow dropped 1,175.21 points, having briefly declined more than 1,500 points during the session. Other major indexes closed sharply lower. The S&P 500 .SPXlost 49.06 points, or 1.85%, to 2,599.88 and the tech-heavy Nasdaq Composite .IXIC dropped 128.97 points, or 1.85%, to 6,838.56.