Sunday, 24 June, 2018

Dow Jones closes down over 1150 points

Nellie Chapman | 07 February, 2018, 15:39

Many Long Islanders are checking their investments after the Dow Jones industrial average tumbled almost 1,200 points Monday - the largest single-day percentage fall since 2011.

The Dow's drop Monday was its biggest in terms of points, but it had a larger percentage drop as recently in 2011.

What happened Monday on Wall Street was the biggest point drop ever and it ended with a 1,175 point deficit by close.

The Nasdaq followed suit, falling 273 points, or about 3.8%.

The slide Monday brought the Dow back below 24,000 points.

Hebert said this isn't a major shock, after seeing higher interest rates come into the market on Friday.

The drop continues a downward spiral that started with the Dow's devilish 666-point plunge on Friday.

The Dow as a whole has seen record breaking growth over the past year climbing near 7,000 points from the time President Trump was inaugurated to two weeks ago.

The Dow Jones Industrial Average fell 536.97 points, or 2.21 per cent, to 23,808.78. "If you're invested in the long term, it really has no long-term effect", says financial expert Mark Douglass.

THE Dow shot up 2% as a rollercoaster session approached its finale yesterday afternoon, rebounding from the huge losses of the prior session and a big drop at the open.

The slump began Friday as investors anxious that higher inflation and interest rates could derail the long-running rally.

Wells Fargo plunged 8 percent after the Federal Reserve hit the bank with new sanctions over a scandal that involved opening millions of phony consumer accounts.

The stock market slump came as US President Donald Trump visited swing state OH on Monday to promote the Republican tax overhaul and make the case ahead of the 2018 midterm elections that the policy is good for the middle class. Stocks fell sharply on Friday as traders anxious about inflation and rising interest rates.

"What we're seeing right now is an economy overall that is doing quite well and has strong fundamentals", said Gregory Daco, chief U.S. economist at Oxford Economics.