Wall St. tumbles on global growth worries, J&J decline !!
Wall Street’s three major indexes tumbled on Friday and the Dow confirmed a correction as weak data from China and Europe stoked fears of a global economic slowdown, while Johnson & Johnson shares were the biggest drag after Reuters reported the company knew for decades that its Baby Powder contained asbestos.
The S&P 600 .SPCY small cap index confirmed it was in a bear market after closing 20.05 percent below its Aug. 31 peak, falling 1.6 percent on the day.
The Johnson & Johnson (JNJ.N) report, which the company has disputed, sent its shares tumbling 10 percent in heavy volume, making it the biggest weight from a single stock on the S&P 500 and the Dow Industrials.