Dow tumbles 362 points as health care stocks drag on Wall Street

Stocks fall sharply as sell-off continues

The Dow Jones industrial average slid 177.23 points, or 0.7 percent, to 26,439.48. A rise in 10-year Treasury note yield above 2.72% on Monday also has drawn attention, because rising rates can undercut appetite for stocks if government paper offer richer yields than risk assets like stocks.

The S&P 500 index fell 19.34 points, or 0.7 percent, to 2,853.53.

The energy index fell 1.54 percent as USA crude prices tumbled 2 percent on ongoing evidence of rising US crude output.

The CBOE Volatility Index, the most widely followed gauge for investors' "fears", rose to as much as 14.69, its highest level since August. The Dow was off 209 points, or 0.8%, while stocks overall saw additional pressure from a selloff by health care shares. Harley-Davidson dropped 7.7 percent after the motorcycle maker forecast a drop in shipments this year.

On the earnings front, analysts expect S&P 500 earnings growth of 13.2 percent, up from 12 percent a month ago. The stock is down 8.8 percent. Of the companies that have reported, 80 percent showed profit exceeding consensus.

Although the Dow decline came just hours before President Trump's State of the Union address, the President was still expected to trumpet the country's economic gains and pat himself on the back for a stock market that until now had set a string of new records.

Declining issues outnumbered advancing ones on the NYSE by a 4.50-to-1 ratio; on Nasdaq, a 3.15-to-1 ratio favored decliners.

The Nasdaq composite lost 39.27 points, or 0.5 percent, to 7,466.51.

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