Dow tumbles about 500 points, wipes out April's gains as stock market stages midday selloff

The Dow Jones Industrial Average and the S&P 500 were trading near session lows Tuesday afternoon, with the decline wiping out all of April's advance. The Dow was most recently off about 500 points, or 2.1%, at 23,952, pushing it to a monthly decline of 0.6%. The equity gauge also is on the verge of ending lower for five straight sessions, which would market its longest skid since the end of March of 2017. A steep selloff in shares of 3M Co. was contributing about 40%, or 130 points, to the 121-year-old benchmark's intraday fall, coming after the industrial giant reported earnings that failed to inspire the buying mood. Meanwhile, the S&P 500 index was down 1.4% at 2,632, pushing the index to a monthly loss of 0.4%. The Nasdaq Composite Index meanwhile, was down 1.7% at 7,007, with the session's drop for the technology-laden index erasing its monthly advance. The index was down 0.8% so far in April.