Dow tanks 375 points to end its worst month since 2016

The Dow Jones industrial average tanked 382 points Wednesday, closing at 25,027, to end its worst month since 2016. The index lost 4.28% in February.

The Dow saw triple-digit moves for 15 of February’s 19 trading days, according to a tweet from Bespoke Investment, in a market that has been marked with significantly more volatility than investors were used to from 2017.

The US economy grew slightly slower than initially reported in the fourth quarter, according to the Commerce Department’s second estimate of gross domestic product, rising just 2.5% compared to the previous reading of 2.6%.

The measure of all goods and services produced in the US rose 2.3% in President Donald Trump’s first full year in office –below the 3% target he had previously laid out.

Crude oil slid 2.4% to $US61.50, its lowest in a week, while the 10-year treasury note yield lost a few basis points, settling near 2.86%.

Energy stocks were hit hit hard with Chesapeake Energy falling 7.8%. Elsewhere, Dow component General Electric fell 2.7% to close at it its lowest level since July 2010.

Snap, on the other hand, managed to find some gains amid the sea of red, ending a six-day skid to trade above $US17 for the first time since the company’s blockbuster earnings report on February 6.

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