The Down Jones Industrial Average fell by more than 1000 points Monday, the biggest daily loss in its history, plunging below the 25,000 threshold it surpassed in January.
The Dow was down 1029 points by 3:07 p.m. Monday, surpassing the 777-point loss triggered by the House’s rejection of the bank bailout plan in October 2008.
U.S. stock markets opened trading Monday with heavy losses as investors brace for a series of expected Federal Reserve rate hikes.
The Dow opened 183 points lower than its Friday close of 25,520, starting the week at 25,337. The Nasdaq and S&P 500 also opened with losses, down 0.8 percent and 0.7 percent respectively
Monday’s losses come after the worst week for U.S stocks in two years. The Dow sunk 665 points Friday and closed more than 1,000 points lower than the previous week’s record high close at 26,616. It was the biggest single drop in a day for the Dow since June 2016.
President Trump and several administration officials touted the record-setting stock boom set off by the 2016 presidential election. As the Dow added 8,000 points over his first year, Trump routinely took credit for the booming market and improving economy.
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