Dow Jones plummets 543 points on profit-taking

NEW YORK, New York - U.S. stocks were sharply lower at the close Thursday despite expectations building for a Fed rate cut in September.

"There's some profit taking," Keith Buchanan, senior portfolio manager at Globalt Investments told CNBC Thursday. "I kind of cringe a bit if the profit taking occurs five days into a trade, but that just shows us the magnitude of what we've seen as far as the rotation."

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