Dow Sees Record Plunge Of 1100+ Points

Bloomberg reports:

The Dow Jones industrial average fell more than 1,000 points Monday, dropping below 25,000 for the first time since Jan. 4 during a second straight day of sell offs.

It’s the worst losses the Dow has ever sustained in terms of points, coming on the heels of Friday’s 666-point loss. The Dow has lost its gains for the year amid a two-day loss of more than 1,600 points.

The market fell by nearly 1,600 points Monday afternoon before correcting a bit, zigzagging between losses of 800 and 1,000 points. The previous record for losses was 777.68 points on Sept. 29, 2008, a loss of nearly 7 percent that shocked the nation.

The Washington Post reports:



Monday’s big skid — which was the largest intraday trading drop in Dow history — came on the heels of Friday’s 666-point Dow decline, the sixth-highest point drop in Dow history but only around 2.5 percent from its lofty highs.

The Standard & Poor’s 500-stock index was down four of the last five sessions heading into Monday. The technology-laden Nasdaq was down six of its last eight sessions as markets opened Monday.

Blackstone Group chief operating officer Tony James said in an interview on CNBC’s Squawk Box Monday that stocks were “fully valued” and “you could easily see a 10 to 20 percent correction sometime this year.”