Dow drops 1,175, biggest-ever point drop - Spokane, North Idaho News & Weather KHQ.com

Dow drops 1,175, biggest-ever point drop

Posted: Updated:
New York -

The Dow Jones industrial average plunged 1,175 points, or 4.6 percent, erasing its gains for the year.
  
The Dow's drop Monday was its biggest in terms of points, but it had a larger percentage drop as recently in 2011.
  
The Dow is down 8.5 percent from the record high it hit in late January.
  
The slump began Friday as investors worried that higher inflation and interest rates could derail the long-running rally.
  
At one point the Dow was down as much as 1,600 points.
  
The Dow ended at 24,345.
  
The Standard & Poor's 500, the benchmark for many index funds, fell 113  points, or 4.1 percent, to 2,648. The Nasdaq fell 273, or 3.8 percent, to 6,967.
  
Bond prices rose. The yield on the 10-year Treasury fell to 2.73 percent.
  
___
  
3:08 p.m.
  
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
  
___
  
2:28 p.m.
  
Stocks are extending their slide on Wall Street, bringing the Dow Jones industrial average down 500 points.
  
The slide Monday brought the Dow back just below 25,000 points, a level it first crossed a month ago.
  
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.
  
Banks are taking some of the biggest losses.
  
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 Standard & Poor's 500 index fell 51 points, or 1.9 percent, to 2,711.
  
The Dow was down 530 points, or 2 percent, to 24,999.
  
Bond yields slipped after moving sharply higher Friday.
  
___
  
11:45 a.m.
  
U.S. stocks are lower at midday as banks fall following more punitive action against Wells Fargo.
  
Wells Fargo dropped 8 percent Monday after the Federal Reserve hit the bank with new sanctions over a scandal that involved opening millions of phony consumer accounts.
  
Energy companies were also moving lower as the price of crude oil slipped. Exxon Mobil fell 3.5 percent.
  
The market is coming off its worst week in two years. Stocks fell sharply on Friday as traders worried about inflation and rising interest rates.
  
The Standard & Poor's 500 index fell 14 points, or 0.5 percent, to 2,748.
  
The Dow Jones industrial average fell 159 points, or 0.6 percent, to 25,364. The Nasdaq composite lost 14 points, or 0.2 percent, to 7,225.
  
___
  
9:35 a.m.
  
Stocks stumbled in early trading on Wall Street as banks fell following punitive action against Wells Fargo.
  
Wells Fargo plunged 8 percent in the first few minutes of trading Monday after the Federal Reserve hit the bank with new sanctions in response to its opening of phony accounts for several million consumers.
  
Other banks also fell. Industrial companies were also falling. Boeing lost 2 percent and Caterpillar was down 1 percent.
  
The market is coming off its worst week in two years. Stocks fell sharply on Friday as traders worried about inflation and rising interest rates.
  
The Standard & Poor's 500 index dropped 20 points, or 0.7 percent, to 2,741.
  
The Dow Jones industrial average fell 233 points, or 0.9 percent, to 25,295. The Nasdaq composite lost 52 points, or 0.7 percent, to 7,189.

(Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

  • Most Popular StoriesMost Popular StoriesMore>>

  • Spokane Japanese restaurant destroyed in early morning fire

    Spokane Japanese restaurant destroyed in early morning fire

    Sunday, April 22 2018 8:21 PM EDT2018-04-23 00:21:59 GMT

    SPOKANE, Wash. - Update: Spokane firefighters say the iconic Shogun restaurant on E. 3rd Ave. appears to be a total loss after an early morning fire destroyed the building. First arriving companies found heavy fire coming through the roof of the Shogun Restaurant and immediately began to attack the fire. Despite attempts to enter the building, they were quickly forced out due to deteriorating conditions above them.

    >>

    SPOKANE, Wash. - Update: Spokane firefighters say the iconic Shogun restaurant on E. 3rd Ave. appears to be a total loss after an early morning fire destroyed the building. First arriving companies found heavy fire coming through the roof of the Shogun Restaurant and immediately began to attack the fire. Despite attempts to enter the building, they were quickly forced out due to deteriorating conditions above them.

    >>
  • Spokane man missing after swimming at Palouse Falls

    Spokane man missing after swimming at Palouse Falls

    Sunday, April 22 2018 10:15 AM EDT2018-04-22 14:15:37 GMT

    FRANKLIN COUNTY, Wash. - Franklin County Sheriff's deputies say a man from Spokane who went swimming at Palouse Falls Saturday evening got pulled into deeper water and did not surface. Deputies, fire crews, Columbia Basin Dive Rescue teams and Washington State Park Rangers responded to a call of a person who had gone into the water under Palouse Falls and had not surfaced around 5:30 p.m.

    >>

    FRANKLIN COUNTY, Wash. - Franklin County Sheriff's deputies say a man from Spokane who went swimming at Palouse Falls Saturday evening got pulled into deeper water and did not surface. Deputies, fire crews, Columbia Basin Dive Rescue teams and Washington State Park Rangers responded to a call of a person who had gone into the water under Palouse Falls and had not surfaced around 5:30 p.m.

    >>
  • Northport lodge trashed by Eastern Washington fraternity posing as WSU bird watchers

    Northport lodge trashed by Eastern Washington fraternity posing as WSU bird watchers

    Saturday, April 21 2018 4:26 PM EDT2018-04-21 20:26:57 GMT

    NORTHPORT, Wash. - A 22-year-old Eastern Washington University student is facing charges after he organized a party for his fraternity at a Northport lodge that resulted in thousands of dollars in damage. When reserving the lodge, he told the owner it was to host a Washington State University bird watchers club. 

    >>

    NORTHPORT, Wash. - A 22-year-old Eastern Washington University student is facing charges after he organized a party for his fraternity at a Northport lodge that resulted in thousands of dollars in damage. When reserving the lodge, he told the owner it was to host a Washington State University bird watchers club. 

    >>
HD DOPPLER 6i
/
  • Top Stories from KHQHomeMore>>

  • Driver crashes into Fernan Lake

    Driver crashes into Fernan Lake

    Sunday, April 22 2018 10:30 PM EDT2018-04-23 02:30:15 GMT
    On Sunday at about 3:22 p.m., the Kootenai County Sheriff’s 911 Center received multiple calls after a car crashed into Fernan Lake, just east of Coeur d' Alene. The Kootenai County Sheriff’s Office, Kootenai County Fire & Rescue and Kootenai County EMS responded to the 4800 Block of E. Fernan Lake Road. Emergency Public Safety Divers from the Kootenai County Sheriff’s Office Dive Rescue Team were paged to the scene and about 27 minutes after the first 911 call,...>>
    On Sunday at about 3:22 p.m., the Kootenai County Sheriff’s 911 Center received multiple calls after a car crashed into Fernan Lake, just east of Coeur d' Alene. The Kootenai County Sheriff’s Office, Kootenai County Fire & Rescue and Kootenai County EMS responded to the 4800 Block of E. Fernan Lake Road. Emergency Public Safety Divers from the Kootenai County Sheriff’s Office Dive Rescue Team were paged to the scene and about 27 minutes after the first 911 call,...>>
  • Neighbors on alert after warning about reports of dogs being stolen

    Neighbors on alert after warning about reports of dogs being stolen

    Sunday, April 22 2018 9:32 PM EDT2018-04-23 01:32:57 GMT

    SPOKANE, Wash. - SCRAPS is reminding pet owners to keep an eye on their pets after they received reports of dogs being stolen from people’s backyards near Northwest Boulevard. Police have been contacted in these instances, and one woman who lives in Hillyard says it happened to her. Korinne Foote says her dog, Stitch, was in the yard on Saturday around 3 in the afternoon. She says a neighbor witnessed someone picking up the dog and putting it in her car. SCRAPS Korinne was re...

    >>

    SPOKANE, Wash. - SCRAPS is reminding pet owners to keep an eye on their pets after they received reports of dogs being stolen from people’s backyards near Northwest Boulevard. Police have been contacted in these instances, and one woman who lives in Hillyard says it happened to her. Korinne Foote says her dog, Stitch, was in the yard on Saturday around 3 in the afternoon. She says a neighbor witnessed someone picking up the dog and putting it in her car. SCRAPS Korinne was re...

    >>
  • Spokane Japanese restaurant destroyed in early morning fire

    Spokane Japanese restaurant destroyed in early morning fire

    Sunday, April 22 2018 8:21 PM EDT2018-04-23 00:21:59 GMT

    SPOKANE, Wash. - Update: Spokane firefighters say the iconic Shogun restaurant on E. 3rd Ave. appears to be a total loss after an early morning fire destroyed the building. First arriving companies found heavy fire coming through the roof of the Shogun Restaurant and immediately began to attack the fire. Despite attempts to enter the building, they were quickly forced out due to deteriorating conditions above them.

    >>

    SPOKANE, Wash. - Update: Spokane firefighters say the iconic Shogun restaurant on E. 3rd Ave. appears to be a total loss after an early morning fire destroyed the building. First arriving companies found heavy fire coming through the roof of the Shogun Restaurant and immediately began to attack the fire. Despite attempts to enter the building, they were quickly forced out due to deteriorating conditions above them.

    >>