Stocks tumbled Thursday with the Dow falling more than 200 points as Wall Street faces a third straight day of losses.
The blue-chip index took a hit from Caterpillar (CAT) after the company announced it would be cutting up to 5,000 jobs by the end of 2016 and could potentially shed up to 10,000 workers by the end of 2018.
Shares plunged more than 7%.
The Dow Jones industrial average, which has closed lower four of the past five trading sessions, is down 1.3% in afternoon trading.
The Standard & Poor's 500 stock index dropped 1.2% and the Nasdaq composite index slid 1.4%.
Investors continue to grapple with a host of negatives, including the stock market's inability to muster any signs of a lasting bounce, Volkswagen's emissions crisis and persistent worries over interest rates and China's economic slowdown.
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