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US: Wall Street tumbles at open on retail gloom, tech concerns

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US stocks opened sharply lower on Tuesday as poor forecasts from retailers for the holiday quarter fed into a market driven lower this week by concerns about demand for iPhones.

[NEW YORK] US stocks opened sharply lower on Tuesday as poor forecasts from retailers for the holiday quarter fed into a market driven lower this week by concerns about demand for iPhones.

The Dow Jones Industrial Average fell 398.76 points, or 1.59 per cent, at the open to 24,618.68.

The S&P 500 opened lower by 36.13 points, or 1.34 per cent, at 2,654.60. The Nasdaq Composite dropped 161.05 points, or 2.29 per cent, to 6,867.43 at the opening bell.

REUTERS

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