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February 6, 2018

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Free Fall

Dow Plunges 1,175 Points in Worst Day for Stocks Since 2011

Trader Peter Tuchman works on the floor of the New York Stock Exchange. The Dow Jones industrial average plunged more than 1,100 points Monday as stocks took
their worst loss in six and a half years.
(AP Photo/Richard Drew)
By MARLEY JAY energy companies sank with oil prices. more cookie and that puts them over the edge,"
AP Markets Writer At its lowest ebb, the Dow was down 1,597 said David Kelly, the chief global strategist for
NEW YORK (AP) — The Dow Jones industrial points from Friday's close. That came during a JPMorgan Asset Management.
average plunged more than 1,100 points 15-minute stretch where the 30-stock index lost Kelly said the signs of inflation and rising rates
Monday as stocks took their worst loss in six 700 points and then gained them back. are not as bad as they looked, but after the
and a half years. Two days of steep losses have Market pros have been predicting a pullback market's big gains in 2017 and early 2018, stocks
erased the market's gains from the start of this for some time, noting that declines of 10 percent were overdue for a drop. The Dow finished down
year and ended a period of record-setting or more are common during bull markets. There 1,175.21 points, or 4.6 percent, at 24,345.75.
calm for stocks. hasn't been one in two years, and by many The Standard & Poor’s 500 index, the benchmark
Banks fared the worst as bond yields and interest measures stocks had been looking expensive. most professional investors and many index
rates nosedived. Health care, technology and "It's like a kid at a child's party who, after an funds use, skidded 113.19 points, or 4.1 percent,
industrial companies all took outsize losses and afternoon of cake and ice cream, eats one to 2,648.94. Continued on Page 25