The Dow Jones Industrial Average was selling off sharply shortly after the open on Thursday. International Business Machines and Caterpillar led the losses.
The Dow was down 663 points on Thursday, or 1.7%.
IBM was the biggest loser; its stock was down 9.1% after the tech company’s first-quarter revenue missed expectations.
Caterpillar’s stock followed with a 8.6% decline as…

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