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Markets Right Now: Dow drops 1,175, biggest-ever point drop

NEW YORK (AP) - The latest on developments in financial markets

Posted: Feb 5, 2018 3:13 PM

NEW YORK (AP) - The latest on developments in financial markets (All times local):

4 p.m.

The Dow Jones industrial average plunged 1,175 points, or 4.6 percent, erasing its gains for the year.

The Dow's drop Monday was its biggest in terms of points, but it had a larger percentage drop as recently in 2011.

The Dow is down 8.5 percent from the record high it hit in late January.

The slump began Friday as investors worried that higher inflation and interest rates could derail the long-running rally.

At one point the Dow was down as much as 1,600 points.

The Dow ended at 24,345.

The Standard & Poor's 500, the benchmark for many index funds, fell 113 points, or 4.1 percent, to 2,648. The Nasdaq fell 273, or 3.8 percent, to 6,967.

Bond prices rose. The yield on the 10-year Treasury fell to 2.73 percent.

___

3:08 p.m.

The Dow Jones industrial average plunged as much as 1,500 points, erasing its gain for the year, as the market extends a slump that began Friday.

The Dow's point loss would be its biggest of all time, though in percentage terms, its 5.6 percent decline wasn't as big as its worst drop during the financial crisis.

The slide Monday brought the Dow back below 24,000 points.

The market's slump began on Friday as investors worried that creeping signs of higher inflation and interest rates could derail the market's record-setting rally.

The Dow skidded as much as 1,500 points, before recovering some of its losses. It was down 872, or 3.4 percent, to 24,651.

The Standard & Poor's 500 index fell 74 points, or 2.7 percent, to 2,686

___

2:28 p.m.

Stocks are extending their slide on Wall Street, bringing the Dow Jones industrial average down 500 points.

The slide Monday brought the Dow back just below 25,000 points, a level it first crossed a month ago.

The market's slump began on Friday as investors worried that creeping signs of higher inflation and interest rates could derail the market's record-setting rally.

Banks are taking some of the biggest losses.

Wells Fargo plunged 8 percent after the Federal Reserve hit the bank with new sanctions over a scandal that involved opening millions of phony consumer accounts.

The Standard & Poor's 500 index fell 51 points, or 1.9 percent, to 2,711.

The Dow was down 530 points, or 2 percent, to 24,999.

Bond yields slipped after moving sharply higher Friday.

___

11:45 a.m.

U.S. stocks are lower at midday as banks fall following more punitive action against Wells Fargo.

Wells Fargo dropped 8 percent Monday after the Federal Reserve hit the bank with new sanctions over a scandal that involved opening millions of phony consumer accounts.

Energy companies were also moving lower as the price of crude oil slipped. Exxon Mobil fell 3.5 percent.

The market is coming off its worst week in two years. Stocks fell sharply on Friday as traders worried about inflation and rising interest rates.

The Standard & Poor's 500 index fell 14 points, or 0.5 percent, to 2,748.

The Dow Jones industrial average fell 159 points, or 0.6 percent, to 25,364. The Nasdaq composite lost 14 points, or 0.2 percent, to 7,225.

___

9:35 a.m.

Stocks stumbled in early trading on Wall Street as banks fell following punitive action against Wells Fargo.

Wells Fargo plunged 8 percent in the first few minutes of trading Monday after the Federal Reserve hit the bank with new sanctions in response to its opening of phony accounts for several million consumers.

Other banks also fell. Industrial companies were also falling. Boeing lost 2 percent and Caterpillar was down 1 percent.

The market is coming off its worst week in two years. Stocks fell sharply on Friday as traders worried about inflation and rising interest rates.

The Standard & Poor's 500 index dropped 20 points, or 0.7 percent, to 2,741.

The Dow Jones industrial average fell 233 points, or 0.9 percent, to 25,295. The Nasdaq composite lost 52 points, or 0.7 percent, to 7,189.

(Copyright 2018 The Associated Press.

California Coronavirus Cases

Data is updated nightly.

Cases: 3055568

Reported Deaths: 34441
CountyCasesDeaths
Los Angeles103280614122
San Bernardino2561091560
Riverside2504362645
San Diego2168352109
Orange2148082477
Santa Clara943661109
Kern86718565
Fresno82485968
Sacramento806781111
Alameda67952765
Ventura62101436
San Joaquin58290786
Contra Costa52965450
Stanislaus42882758
Tulare41867506
Monterey36126255
San Mateo32596309
San Francisco29321262
Solano25806106
Imperial25317465
Santa Barbara25083236
Merced24452308
Sonoma24068240
Kings19435145
Placer17380180
San Luis Obispo15929136
Madera13443151
Santa Cruz12298113
Marin11693157
Yolo10620131
Shasta9776122
Butte9474123
El Dorado782644
Sutter775478
Napa760140
Lassen519516
San Benito496343
Yuba495127
Tehama397142
Tuolumne338240
Nevada320673
Mendocino311432
Amador301631
Lake261230
Humboldt239324
Glenn193519
Colusa17339
Calaveras161723
Siskiyou144613
Mono11214
Inyo97429
Del Norte8662
Plumas5895
Modoc3853
Mariposa3464
Trinity3024
Sierra820
Alpine730
Unassigned00
Chico
Clear
46° wxIcon
Hi: 67° Lo: 36°
Feels Like: 46°
Oroville
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47° wxIcon
Hi: 63° Lo: 50°
Feels Like: 47°
Chico
Clear
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Hi: 60° Lo: 46°
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Red Bluff
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40° wxIcon
Hi: 46° Lo: 17°
Feels Like: 37°
Red Bluff
Partly Cloudy
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Hi: 65° Lo: 41°
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Chico
Clear
50° wxIcon
Hi: 69° Lo: 40°
Feels Like: 50°
As expected, we had much quieter weather around northern California on Wednesday with plenty of sunshine, much weaker wind, and a wide range of temperatures. Thursday will be similar, but much more active weather is coming.
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