Stocks Ended Sharply Lower, Dow Plunged 470 Points

U.S. stocks kicked off September with heavy losses on Tuesday amid mounting concerns over the strength of the global economy. At close, the Dow Jones industrial average fell 469.68 points, or 2.84%, to 16,058.35. The S&P 500 lost 58.33 points, or 2.96%, to 1,913.85. The Nasdaq Composite dropped 140.40 points, or 2.94%, to 4,636.10.

Federal Reserve Bank of Boston President Eric Rosengren said Tuesday that global turmoil argues in favor of being cautious about starting the process to normalize monetary policy, in a speech that emphasized central-bank interest-rate increases likely would come at a slow pace.

Oil prices tumbled 8 percent on Tuesday in volatile trading that sent Brent futures back below $50 a barrel. Brent crude slumped $4.59, or 8.48 percent, to settle at $49.56 a barrel, after falling as low as $49.24.

Fiat Chrysler Automobiles NV on Tuesday reported that Canadian sales rose 0.4 percent in August from a year earlier. The company sold 26,928 cars and trucks in August, up from 26,825 a year earlier.

Energy company ConocoPhillips says it is cutting around 1,810 jobs, or 10 percent of its workforce, following a plunge that took oil prices to their lowest levels in years.

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