Dow Jones Plummets Again On Worries About Inflation
NEW YORK -- The Dow Jones Industrial Average finished 1,033 points lower in another day of volatile trading.
All three major indexes suffered sharp losses during a trading session fraught with wild swings. Healthy company earnings reports and another drop in the number of Americans filing for weekly unemployment benefits couldn't stop the carnage. The Dow closed at 23,860.
The percentage decline on Thursday, 4.2%, wasn't nearly as bad as the scary days of the 2008 financial crisis. But a steady climb that lasted more than a year has given way to two weeks of shaky selling. The Dow is on track for its worst weekly percentage drop since the crisis.
The S&P 500 also suffered, plummeting 101 points to finish at 2,581. The Nasdaq plummeted 275 points to close at 6,777.
The economy is strong, but investors are worried about inflation, and the possibility that the Federal Reserve will raise interest rates faster than expected to fight it. The 10-year Treasury yield briefly hit a four-year high of 2.88%. The bond market is a decent indicator of fears about inflation.
CNN and 24/7 News Source contributed information to this article.
(PHOTO: Bryan R. Smith/Getty Images)