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- The Dow Jones Industrial Average fell more than 500 points earlier on Tuesday amid disappointing corporate earnings reports.
- Dow component Caterpillar cited rising material and freight costs, driven by higher steel prices and tariffs.
The recent sell-off in stocks reflects fear that Congress will be remade in the upcoming election and pro-growth policies will fall by the wayside, according to White House advisor Larry Kudlow. Kudlow, speaking to reporters outside the White House on Tuesday, blamed the market decline on the midterm elections. “I think the stock market is worried that Congress will change and will overturn these pro-growth policies,” he said. The “correction has to overcome the uncertainty about this election.” READ MORE