Stocks tumbled Thursday after the Obama administration announced a proposal to increase regulation of the nation’s biggest financial firms, including limiting the size and scope of their trading operations.
The Dow Jones industrial average (INDU) fell 213 points, or 2%, according to early tallies. The S&P 500 index (SPX) slid 21 points, or 1.9%. The Nasdaq composite (COMP) lost 25 points, or 1.1%. The three gauges saw the biggest one-day point declines since late October.
Stocks had fallen through the morning as lingering worries about China’s lending practices hit commodities and the broader market. Reports showing a rise in jobless claims and a drop in manufacturing activity added to the pressure, overshadowing Goldman Sachs’ better-than-expected profit report.
But declines accelerated in late morning as investors geared up for the White House’s announcement, made in the early afternoon.
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