06 February,2018 09:40 AM IST | New York | ANI
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The Dow Jones Industrial Average has tumbled more than 1000 points, dropping below 25,000, which is the worst fall in points since September 2008. Amid a two-day loss of more than 1,600 points, it has lost its gains for the year. However, it later gained back some ground as volatility returned to the stock market with a vengeance after a year of rare tranquillity, The Washington Post reported.
The Dow has swung more than 2,100 points in the last two sessions, a decline pushing more than 8 percent and shattering long-term momentum. "The index gave up 500 points in a matter of minutes Monday afternoon as Wall Street wags tried to decode events," it added. In the given situation, the Federal Reserve chairman, Jerome Powell is likely to slow the economy and accelerate interest rate hike.
The previous record for losses was 777.68 points on September 29, 2008.
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