1st LD Writethru: US stocks close sharply lower as retail, tech lag

A board above the trading floor of the New York Stock Exchange shows the closing number for the S&P 500 index Wednesday Aug. 22 2018. The current bull run on Wall Street became the longest in history on Wednesday at 3,453 days beating the bull market

Apple, Microsoft and Amazon sustained some of the worst losses as technology companies tumbled again, leading to broad losses.

"There's more sellers than buyers", explained CBS News business analyst Jill Schlesinger.

The frenzied selling followed big losses Monday, when the Dow shed almost 400 points.

Nissan's US -listed shares slumped 6.1 percent after the carmaker's chairman, Carlos Ghosn, was arrested after allegedly under-reporting his income.

Nervous investors have been dumping shares of US companies for weeks, as worries about the global economy mount due to obstacles ranging from the fallout from the U.S.

The large-company stock index, considered a proxy for the health of the broader market, briefly dipped 10 percent below its September 20 high, putting it back in so-called "correction territory".

Benchmark US crude lost 6.6 percent to $53.43 a barrel in NY.

Kohl's and Macy's, also big retailers, plunged 9.23 percent and 3.42 percent respectively.

The Dow Jones Industrial Average lost 392 points, or 1.5 percent, to 25,017. It was down 648 earlier.

The Nasdaq composite skidded 219.40 points, or 3%, to 7,028.48.

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The selling was widespread.

All the stock market gains of 2018 disappeared Tuesday in a flurry of sell orders on Wall Street, where investors soured on tech stocks and fretted about trade war with China.

Schlesinger advises that people who have invested in stocks look at the numbers with a level head: "Don't worry about the big numbers that you're seeing, these moves are going to be really tough for you to weather day to day, try to just get your head on straight". The Russell 2000 index of smaller-company stocks lost 30.99 points, or 2 percent, to 1,496.54. Brent crude, used to price worldwide oils, fell 24 cents to $66.55 per barrel in London. Renault shares dropped 8.4 percent on Monday and another 2.5 percent Tuesday.

High-dividend stocks such as real estate companies and utilities, which investors favor when they are fearful of market turmoil, held up better than the rest of the market. Japan's benchmark Nikkei 225 rose 0.7 percent and Hong Kong's Hang Seng added 0.7 percent.

Sentiment soured on FAANG stocks after investors digested a Wall Street Journal report that Apple (NASDAQ:AAPL) was considering cutting production as demand for its newest slate of phones was not as strong as the company had hoped.

Amazon dropped to $1,509 and Nike slid 3.2 percent to $72.36.

The Dow Jones Industrial Average lost 476 points, or 1.9 percent, to 24,526.

United States. -traded shares of Nissan lost 5.8 percent to $16.90.

Bond prices rose. The yield on the 10-year Treasury fell to 3.05 percent.

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