NEW YORK In the largest one-day point decline since late September 2001, the Dow Jones Industrial Average fell 416 points, or 3.3 percent, to close Tuesday at 12,216.24, and the restaurant sector declined along with it in late afternoon trading. The Nation's Restaurant News Index of about 80 public restaurant companies fell more than 40 points, to close 3.4 percent down from the day earlier at 1,176.37. The Nasdaq and the S&P 500 indexes also fell Tuesday.
The Dow's plunge wiped out all of that index's gains so far this year.
The decline in U.S. markets was sparked by a sell off of shares in China, leading to that market's largest decline in history, according to reports, and spreading a trading frenzy worldwide. Weaker-than-expected economic data also led to the drop in U.S. markets. For example, a government report showed durable goods orders, or orders of big-ticket items like washing machines, airplanes and semiconductors, declined more than expected in January.
