Dow Plummets 1,032 Points, S&P 500 Drops 3.7% To New Low As Market Losses Deepen
Stocks fell sharply on Thursday, extending a streak of losses that has yanked the market away from record highs, CNBC reports. The Dow Jones industrial average closed 1,032.89 points lower at 23,860.46, entering a distressing territory. This is the third drop for the Dow greater than 500 points in the last five days.
The market fell steadily as the day wore on and is on track for its fifth loss in the last six days. The tumult started last Friday as investors worried about signs of rising inflation.
Many of the companies that led the market’s gains over the last year have struggled badly in the last week. Those including technology companies, banks, and retailers and travel companies and homebuilders.
The S&P 500 pulled back 3.75 percent to 2,581, reaching a new low for the week. The index also broke below its 100-day moving average and closed under 2,600, two important thresholds. For the S&P 500, it is its third drop of greater than 2 percent in the last five days.
The Nasdaq composite fell 3.9 percent to close at 6,777.16 as Facebook, Amazon and Microsoft all fell at least 4.5 percent.
The market didn’t get much help Thursday from company earnings reports, several of which disappointed investors. While U.S. companies mostly did well at the end of 2018, according to the report, a number of them had a weak finish to the year.