Stocks Drop on Economic Worries

Stocks are closing lower on Wall Street Tuesday with technology and communications stocks leading the declines, the AP reports. Reports showing a drop in consumer confidence and weakness in the housing market, plus some cautionary remarks from the head of the Federal Reserve, weighed on investor sentiment. The S&P 500 dropped 27 points, or 1%, to 2,917. It's the biggest loss of the month for the benchmark index. Among tech stocks, Microsoft fell 3.2% and Adobe slipped 4%. Google parent Alphabet fell 2.6% and Netflix lost 2.9% as internet companies slumped. The Dow Jones Industrial Average dropped 179 points, or 0.7%, to 26,548. The Nasdaq composite fell 120 points, or 1.5%, to 7,884. (More stock market stories.)