The stock market suffered its worst day of the Trump era, as the Dow Jones industrial average dropped as much as 1,500 points before slightly rebounding just before the close of trading.
The drop was enough to momentarily wipe out all of the gains from 2018.
The selloff left the Dow Jones closing at 24,345.75 after a drop of 1,175.21 points.
The plunge continued a trend that began Friday, when the Dow fell 666 points on inflation and interest fears.
The drop was enough to send the stock market into what some call “correction” territory, a term given when the Dow drops 10% or more. By the close, however, it had moved out of correction territory.
After months of a rising average, the plunge was expected, although the timing was unexpected.
This is a developing story.
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
We will update this story as details become available.