NEW YORK – The New York Stock Exchange ended a turbulent session on Monday with its benchmark Dow Jones Industrial Average down by a single-day record of 1,175 points, or 4.62 percent, to 24.342.62.
In the final hour of trading, the Dow dipped by nearly 1,600 points before recovering slightly by the close.
Despite losing more than 1,800 points since last Thursday, the Dow remains 21 percent higher than it was a year ago.
The S&P 500 index retreated 4.10 percent to 2,648, while the Nasdaq gave up 3.78 percent to end the session at 6,967 points.
All three indexes reached historic highs on Jan. 26 and many analysts have described the higher valuations as unsustainable.
Market-watchers said that the steep declines over the last two sessions represent a correction and do not point to a downturn in the broader US economy.
In fact, nearly 80 percent of firms listed in the S&P 500 recently reported quarterly results that exceeded expectations.
The healthcare, financial and energy sectors suffered the most in Monday’s rout, though no category was spared and all of the companies quoted on the Dow Jones saw their shares fall.