Dow falls 584 points on losses in shares of Verizon Communications Inc., Caterpillar

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Dragged down by losses for shares of Verizon Communications Inc. and Caterpillar, the Dow Jones Industrial Average is seeing a selloff Friday morning. The Dow DJIA, -1.77% was most recently trading 584 points lower (-1.7%), as shares of Verizon Communications Inc. VZ, -6.15% and Caterpillar CAT, -3.70% have contributed to the blue-chip gauge’s intraday decline. Verizon Communications Inc.’s shares are down $3.29, or 6.0%, while those of Caterpillar have declined $8.01, or 3.5%, combining for an approximately 74-point drag on the Dow. Other components contributing significantly to the decline include Nike NKE, -2.93%, Goldman Sachs GS, -2.29%, and Visa V, -2.28%. A $1 move in any one of the 30 components of the index results in a 6.59-point swing.