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Dow Jones hit by worst fall since 2008

06 February 2018

"It's actually a good thing to get a little reality back in the market and let people realize 'okay, that's what it's really about. markets don't move in straight line, '" Douglass says.

He said it started the Friday after a Labor Department Jobs report showed wages went up almost 3 percent.

By early afternoon in Asia, Dow and S&P futures were both down more than 4 percent, suggesting a weak open for USA markets.

Michael Hewson, chief market analyst at CMC Markets UK, said the stock market falls had been "a long time coming".

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The U.S. dollar rose against a basket of currencies as the U.S. bond market selloff levelled off. The Standard & Poor's 500 index (S&P 500) declined 4.1 percent to 2,648.94 points. It closed trading 1,177 points lower. The biggest drop ever was October 19, 1987, a day known as "Black Monday".

But the sell-off began last week after a solid U.S. jobs report fuelled expectations that the Federal Reserve will raise interest rates faster than expected. The index has now erased all gains for the year.

The 4.6% slump was the index's biggest percentage drop since August 2011, while the broader S&P 500 suffered a similar fate, down 4.1%.

The previous record for daily point losses was set on September 29, 2008 at the start of the global financial crisis, when the Dow fell 777.68. On Monday, the drop was only four percent.

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Frederick an uptick in inflation indicators, including a decline in productivity, the expectation the Federal Reserve will hike interest rates could have influenced the volatility in the market on Monday.

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The S&P 500 posted 1 new 52-week highs and 38 new lows; the Nasdaq Composite recorded 17 new highs and 164 new lows.

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Bond yields go down as demand, and therefore prices, go up. Oil issues were sold following a deceleration in crude oil prices. "They were anxious about inflation, and interest rates and that started selloff", Petrick said.

Dow Jones hit by worst fall since 2008