Dow Jones Industrial Drops Over 1,100 Points, Biggest One-Day Drop In History
By Matthew Rocco, Fox Business // February 6, 2018
ABOVE VIDEO: The Dow Jones Industrial Average tumbles more than 1,100 points in the biggest one-day drop in history.
(FOX BUSINESS) – Wall Street continued a broad selloff Monday, as the Dow plunged a record 1,175 points amid growing inflation fears.
The Dow Jones Industrial Average closed at 24,345, down 4.6%. The S&P 500 fell 113 points, or 4.1%, to 2,648. The Nasdaq Composite dropped 273 points, or 3.78%, to 6,967.
The Dow fell as much as 1,597 points in afternoon trading, the largest intraday drop in history. The blue-chip index’s 4.6% decline reflected its worst day since at least Aug. 10, 2011. Coming off its worst week in two years, the Dow wiped out its 2018 gains with its pullback Monday.
The CBOE Volatility Index, known as the market’s “fear gauge,” soared 115% to its highest level since 2011.
Stocks have lost steam with investors refocusing on the potential for faster inflation growth. Job gains in January fueled those concerns, turning a spotlight on the Federal Reserve and its timeline for interest rate hikes.
A stronger-than-expected gain of 200,000 U.S. jobs was seen as raising the odds that the central bank will increase its benchmark rate in March.
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