Dow Jones Down 1,100 as of 2 p.m.
Dow Drops 666 Points Friday
The Dow Jones industrial average plunged as much as 1,500 points, erasing its gain for the year, as the market extends a slump that began Friday.
The Dow’s point loss would be its biggest of all time, though in percentage terms, its 5.6 percent decline wasn’t as big as its worst drop during the financial crisis.
The slide Monday brought the Dow back below 24,000 points.
The market’s slump began on Friday as investors worried that creeping signs of higher inflation and interest rates could derail the market’s record-setting rally.
The Dow skidded as much as 1,500 points, before recovering some of its losses. It was down 872, or 3.4 percent, to 24,651.
The Standard & Poor’s 500 index fell 74 points, or 2.7 percent, to 2,686
NEW YORK-The Dow Jones Industrial Average is down more than 1,100 points as of 2 p.m.
That’s a nearly six percent decrease.
On Friday, the Dow decreased by 666 points. Technology, banks and energy stocks accounted for much of the broad slide. Several major companies, including Exxon Mobil and Google’s parent company, Alphabet, sank after reporting weak earnings. Bond yields rose sharply after the government reported the fastest wage growth in eight years, causing concerns about inflation.
Stay tuned for more updates.