(CNBC) — Stocks retreated Tuesday as an August selloff was reignited by a downgrade of the banking sector by credit rating agency Moody’s.
The Dow Jones Industrial Average was down 158 points, or about 0.5%, led by a decline in Goldman Sachs. At session lows, the index dropped more than 450 points.
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The S&P 500
dipped 0.4%, bringing the broad index’s month-to-date loss to 1.9%. The Nasdaq Composite pulled back by 0.8%, putting it down more than 3% month to date. Tuesday was the fifth negative day out of six sessions for both the S&P 500 and the Nasdaq.
