Tech firms take a dive; Dow sinks 831 points

NEW YORK — U.S. stocks plunged to their worst loss in eight months on Wednesday as technology companies continued to drop.

The Dow Jones Industrial Average fell 831 points. The losses were widespread, and stocks that have been the biggest winners on the market the last few years, including technology companies and retailers, suffered steep declines. Apple and Amazon both had their worst day in 21⁄ years.

The Nasdaq composite, which has a high concentration of technology companies, had its biggest loss in more than two years.

Alec Young, managing director of global markets research at FTSE Russell, said investors fear that rising interest rates and growing expenses are going to erode company profits next year.

“The tax cuts juiced earnings this year and that’s not sustainable,” he said. “The market’s starting to say that the glass may be half empty.”

President Donald Trump said after stocks dropped that the Federal Reserve “has gone crazy” by continuing to raise interest rates.

The S&P 500 index sank 94.66 points, or 3.3 percent, to 2,785.68. The benchmark index fell for the fifth straight day, which hadn’t happened since just before the 2016 presidential election.

The Nasdaq composite tumbled 315.97 points, or 4.1 percent, to 7,422.05. It’s fallen 7.5 percent in just five days.

The Dow Jones Industrial Average gave up 831.83 points, or 3.1 percent, to 25,598.74. The Russell 2000 index of smaller-company stocks shed 46.45 points, or 2.9 percent, to 1,575.41.

Apple gave up 4.6 percent to $216.36 and Microsoft fell 5.4 percent to $106.16. Amazon skidded 6.2 percent to $1,755.25. Boeing lost 4.7 percent to $367.57.