(NBC NEWS) Stocks fell sharply Tuesday as earnings from a host of large multinational companies and a Moody's credit rating downgrade of several regions in Spain triggered concerns about the slowing global economy.
The Dow Jones industrial average was lately down over 200 points, touching its lowest level in seven weeks and on track for its first October loss since 2008.
J.J. Kinahan, TD Ameritrade’s chief derivatives strategist, said the market’s decline is primarily driven by worries about Spain and the latest earnings news. Revenue is down for more than 50 percent of the companies reporting financial results, he added.
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