Huge drop for markets

Hefty losses in health care and technology companies led stocks sharply lower Tuesday, handing the market its biggest pullback since August and its worst two-day drop since May.

The broad slide, which briefly sent the Dow Jones industrial average down by more than 400 points, erased some of the big gains the market had racked up since the beginning of the year, though the market is still on track to close out January with a gain.

Banks, industrial companies and energy stocks also accounted for a slice of the market’s losses.

The Standard & Poor’s 500 index fell 1.1 percent to 2,822.43. That’s the biggest one-day drop since Aug. 17. The Dow had its biggest decline since May, losing 362.59 points, or 1.4 percent, to 26,076.89. The average had been down more than 411 points.

The Nasdaq slumped 64.02 points to 7,402.48. The market’s last twoday losing streak was in late December.

Health care companies were by far the biggest losers. Insurers, drugmakers and distributors slumped following news that Amazon is teaming up with JPMorgan Chase and Berkshire Hathaway to help their U.S. employees find quality care at a reasonable cost.

Express Scripts slid 3.2 percent, Cigna tumbled 7.2 percent, UnitedHealth Group lost 4.3 percent, and Anthem fell 5.3 percent.

Technology stocks fell almost as much as health care shares.