Market Extra: Why the Dow tumbled 600 points and the Nasdaq fell into correction territory for the first time in 2 years

A few short weeks ago the Dow industrials were on the verge of busting through another psychological milestone at 27,000.

However, all that momentum has evaporated as a sweeping downturn grips financial markets, sending the Dow Jones Industrial Average DJIA, -2.41% tumbling more than 600 points on Wednesday and pushing the Nasdaq Composite Index COMP, -4.43% into correction territory for the first time since Feb. 11, characterized as a drop of at least 10% from a recent peak.

On top of that, the Dow and the S&P 500 index SPX, -3.09% on Wednesday wiped out all their hard-fought gains over the past 10 months to turn negative for 2018.

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