Dow falls 700 points as market grapples with recession concerns

(CNBC) -- Stocks fell on Tuesday as concerns about a possible recession in the U.S. weighed on investor sentiment.

The Dow Jones Industrial Average fell more than 700 points, or about 2.3%. The S&P 500 dipped 2%, and the tech-heavy Nasdaq Composite shed about 0.9%. The market has dropped in four of the past five weeks, and the S&P 500 is more than 20% below its record high.

Concerns about economic growth are hanging over investors as the U.S. market looks to recover after a rough first half to the year. Some economists believe U.S. GDP declined for both quarters to start the year, which is a shorthand used by many to signal a recession.

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