Dow Jones Craters 1,100 Points, Sets Record for Worst Single-Day Meltdown
Wall Street losses continued to pile up on Monday, with the Dow Jones industrial average cratering more than 1,100 points — a 4.5 percent drop — as markets closed.
The massive selloff sent the Dow below 25,000 for the first time since Jan. 3; it also set the Dow record for the worst single-day points drop on record, surpassing a 777 point drop during the 2008 housing crisis.
Monday’s drop doesn’t compare to the 2008 crash in terms of overall percentage of the market: the 777 point decline was a 7 percent fall for the Dow.
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Monday’s fall built on Friday’s losses, when the Dow dropped 666 points, its worst performance in two years.
The stock market has soared since President Trump’s election, and he has often pointed to its strength as a sign of the economy’s improvement. But the last two days of trading has put the Trump administration on notice, with a White House official telling CNN they were “concerned” by the sharp drop.
After blitzing past 26,600 in January, the recent losses erased the Dow’s 2018 early gains. All three of the major stock market indexes were hit, with the standard S&P 500 and the Nasdaq both falling more than 3.5 percent.
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All 30 of the companies that make up the Dow index were in the red on Monday, with stalwarts like Verizon, Microsoft, and Exxon Mobil each falling more than 3 percent.
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