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Dow drops 1,175, biggest-ever point drop

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NEW YORK (AP) — The Dow Jones industrial average plunged 1,175 points, or 4.6 percent, erasing its gains for the year.

The Dow’s drop Monday was its biggest in terms of points, but it had a larger percentage drop as recently in 2011.

The Dow is down 8.5 percent from the record high it hit in late January.

The slump began Friday as investors worried that higher inflation and interest rates could derail the long-running rally.

At one point the Dow was down as much as 1,600 points.

The Dow ended at 24,345.

The Standard & Poor’s 500, the benchmark for many index funds, fell 113 points, or 4.1 percent, to 2,648. The Nasdaq fell 273, or 3.8 percent, to 6,967.

Bond prices rose. The yield on the 10-year Treasury fell to 2.73 percent.

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5 comments

  • Old Bob

    Geez I wonder why. The stock market likes certainties, it does not like the unknown. With these fools we have in Washington, who knows what will happen next. They need to stop wasting the tax payers money on this Russian investigation. They need to stop bickering about it and move on. They still haven addressed the dreamers. The Government will surely shout down again. We have done nothing to improve our interstructure.

  • Prepper

    Stock market can crash to zero. I have cash in a hidden safe in my underground bunker. Along with food, water and other supplies to last more than a year.

  • Clucko

    Remember Alan Greenspan referring to the growth in the market as “irrational exuberance” because of the ‘dot.com’ madness? This market has been doing the same thing, just without a singular reason other than optimism under Trump.

  • Franklin Bacon

    Don’t fool yourself. Wall St. is running on fake money. The U.S. has had little improvement in living standards since 1980, due to offshoring of production to Asian venues. Wages have basically been stagnant since 1970, adjusted for inflation.