Dow drops 490 points, S&P and Nasdaq both plunge in biggest stock fall since Aug 23

The Dow plunged 490 points by the close of markets on Wednesday, and the Nasdaq and S&P500 also saw their steepest declines since the end of August, closing down 1.6 percent and 1.8 percent, respectively.

All three indexes saw an ominous start to the quarter, while both the Dow and the S&P500 saw their worst start since the beginning of the 2008 recession.

President Donald Trump blamed House impeachment proceedings for the bad start to the quarter, pledging to cooperate with the investigation – perhaps in the hope of soothing the skittish markets. Concerns about jobs and manufacturing have also contributed to the slide, with recession indicators looming large on the horizon.

From the bond market’s inverted yield curve, to the slowdown in GDP growth, to a decline in business spending and corporate profits, signs of recession are everywhere – even as Trump boasts the economy is doing better than ever.