Silicon Valley stocks, led by FAANGs, fall sharply as Wall Street turns negative for the year


Wall Street wiped out all of its gains for the year on Wednesday in the latest tremble to run through the U.S. stock market.

The S&P 500 fell 3.1 percent and the Dow Jones Industrial Average fell more than 608 points, with both indices turning negative for the year. The Nasdaq Composite fell 4.4 percent, entering correction territory.

The U.S. stock market has experienced waves of selloffs in recent weeks as investors fret over rising interest rates, President Trump's trade war with China and…

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