By Dan Calabrese ——Bio and Archives--February 5, 2018
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The Dow Jones Industrial Average plunged more than 1,100 points in a volatile session Monday, its largest one-day point decline on record.
The global selloff in stocks rippled through Europe and Asia as well, as a long-running market rally threatened to become a rout. Indexes in all three regions gave up their gains for 2018. “This is the first time in a while I’d say it feels like borderline panic-type selling,” said Tim Anderson, managing director at brokerage TJM Investments, as yelling broke out on the floor of the New York Stock Exchange. “We haven’t seen something like this since the Brexit vote.” Monday’s losses were broad-based, with all 11 sectors in the S&P 500 posting declines, led by losses in the energy, financials and health-care segments. At 4 p.m. ET, the Dow had fallen 1,175 points, or 4.6%, to 24346. The S&P 500 lost 4.1%, and the Nasdaq Composite fell 3.8%--with both indexes registering their first three-day declines since December. At its lowest point Monday, the Dow fell 1,597 points. The stock market has stumbled after a strong start to 2018 as investors have expressed concern that a long streak of tepid inflation and low interest rates could be drawing to a close.
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