Stock market takes dramatic plunge

(CNBC) — Stocks fell on Tuesday, giving up earlier gains, as investors worried about rising interest rates and reacted to comments on a conference call from bellwether Caterpillar that hinted economic growth may slow later in the year.

The Dow Jones industrial average traded 486 points lower as of 3:30 p.m. ET after rising as much as 131 points shortly after the open of trading. The S&P 500 fell 1.5 percent. The Nasdaq composite declined 1.8 percent as shares of Facebook, Amazon, Alphabet and Netflix all dropped more than 4 percent.

“Investors have high expectations for earnings,” said Kate Warne, investment strategist at Edward Jones. “At the same time, a lot of people are asking: Does it get better from here?”

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