Dow makes second 1,000-point plunge of the week

The Dow Jones industrial average plunged by 1,033 points on Thursday, its second four-digit drop this week. The 4.1 percent drop, along with Monday’s 1,175-point dive, erased the blue-chip index’s 2018 gains. The Monday and Thursday declines were the Dow’s only two 1,000-plus-point one-day losses ever. The S&P 500 fell by 3.75 percent Thursday as investors worried rising economic growth and wages will push the Federal Reserve to speed up interest rate hikes to stem rising inflation. The losses left the S&P 10 percent below its January high, the official threshold of a market correction. President Trump, who had claimed credit for recent stock gains, said investors who sell now are making a “big mistake.” Global stocks sank Friday; U.S. stock futures rose.

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