- Associated Press - Tuesday, August 2, 2011

NEW YORK — A sell-off is erasing all of the year’s gains in the stock market.

The Standard & Poor’s 500 lost 2.6 percent Tuesday as investors grew increasingly concerned about the economy. The benchmark index is now at its lowest point of the year.

A report that consumers cut their spending in June for the first time in two years added to a series of weak economic indicators have pushed stocks lower for seven straight days.

The S&P is closing down 33 points to 1,254. The Dow Jones industrial average is down 266, or 2.2 percent, to 11,867. The Nasdaq is down 75, or 2.8 percent, to 2,669.

Four stocks fell for every one that rose on the New York Stock Exchange. Volume was higher than average at 5.3 billion shares.

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