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April 25, 2018

Big sell-off hits Wall Street

By MARLEY JAY
AP Markets Writer

NEW YORK — After a strong start, U.S. stocks abruptly sold off Tuesday after machinery maker Caterpillar said it doesn't expect to top its first-quarter profit for the rest of the year. The Dow Jones industrial average plunged as much as 619 points as investors feared that rising oil prices and other costs will slow down growth in company profits.

Stocks climbed in early trading as companies like Caterpillar, appliance maker Whirlpool, and Fifth Third Bancorp posted strong quarterly results. Then Caterpillar executives told analysts on a conference call in the late morning that they don't expect the company to report a larger per-share profit for the rest of 2018. Other industrial, technology and basic materials companies also took sharp losses.


 
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