Dow Falls Nearly 500 Points, Nasdaq Loses 3%

The Dow lost nearly 500 points and the Nasdaq plummeted almost 3%, as US stocks closed in negative territory to surrender gains seen at the opening bell.

The blue-chip Dow fell 491 points, or 0.156%, to close at 30,947 despite climbing to 31,885 during the day.

The S&P 500 fell 78 points, or 2%, to end at 3,821. It rose to as high as 3,946 points earlier.

The Nasdaq plummeted 343 points, or 2.98%, to finish at 11,181. The tech-heavy index earlier hit 11,635.

The VIX volatility index, also known as the fear index, jumped 5.3% to 28.39.

The dollar index rose 0.5% to 104.46, but the 10-year US Treasury yield fell 0.35% to 3.183%.

Precious metals were in negative territory with gold falling 0.13% to $1,820 and silver losing 1.6% to $20.81.

Crude prices were on the rise. Global oil benchmark Brent crude was trading at $113.77 for a 2.5% gain, while US benchmark West Texas Intermediate was up 2% to $111.75. -