Stocks fell sharply on Thursday as strong earnings and economic data were enough to quell jitters on Wall Street about higher interest rates.
The Dow Jones industrial average closed more than 1,000 points lower, entering correction territory. This is the third drop for the Dow greater than 500 points in the last five days. Despite the decline Thursday, the average is still a ways from its low for the week hit on Tuesday of 23,778.74. American Express and Intel were the worst-performing stocks in the index, sliding more than 5.4 percent. J.P. Morgan Chase, meanwhile, was down by more than 4 percent.
The S&P 500 pulled back 3.75 percent, reaching a new low for the week. The index also broke below its 100-day moving average and closed under 2,600, two important thresholds. For the S&P 500, it is its third drop of greater than 2 percent in the last five days.
The Nasdaq composite fell 3.9 percent as Facebook, Amazon and Microsoft all fell at least 4.5 percent.
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