Dow, S&P 500 records biggest drop since March as Wall Street buckles under selling pressure

The Dow Jones Industrial Average DJIA, -6.89% shed 1,862 points, or 6.9%, to end near 25,128 based on preliminary numbers, recording its worst daily drop since mid-March. The Nasdaq Composite COMP, -5.26% retreated 528 points, or 5.3%, to end near 9,493. The S&P 500 SPX, -5.89% slipped 188 points, or 5.

9%, to finish around 3,002, booking its biggest daily drop since March 16. This is the third straight session that the Dow recorded a more than 1% loss. Investors noted Federal Reserve Chairman Jerome Powell's cautious tone highlighted the uncertainties around the labor-market's prospects. These worries gained ground after economic data released on Thursday showed there were 1.54 million new applications for unemployment benefits.

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