Summary The broad-based S&P 500 sank 32.85 (1.60 percent) to 2,024.24
NEW YORK (AFP) - The Dow slumped more than two percent in mid-morning trade Tuesday following a slew of mostly weak earnings reports.
Near 1600 GMT, the Dow Jones Industrial Average stood at 17,320.29, down 358.41 (2.03 percent).
The broad-based S&P 500 sank 32.85 (1.60 percent) to 2,024.24, while the tech-rich Nasdaq Composite Index plummeted 99.83 (2.09 percent) to 4,671.83.
"Selling pressure remains heavy with the key indices trading near their lowest level of the day," said a note from Briefing.com.
"The market has suffered from broad-based weakness after several major components, including six Dow components, warned about the negative impact to their earnings stemming from significant dollar strength."
The deepest drops came at industrial machine maker Caterpillar (-7.4 percent), which also cited weak oil-industry investment as a factor behind poor results, and technology giant Microsoft (-9.9 percent.
Other companies also fell after reporting earnings, including 3M (-1.4 percent), DuPont (-2.8 percent) and Procter & Gamble (-3.5 percent). Pfizer rose 0.1 percent after earnings besting expectations.
Investors also were disappointed by a weak US durable goods orders report. New orders for long-lasting industrial goods fell 3.4 percent in December, signalling some persistent weakness in the manufacturing sector.
