Stocks tumble, as Dow ends more than 1,000 points lower
NEW YORK (AP) -- U.S. stocks tumbled on Thursday amid jitters over volatility prompted by huge swings earlier this week in the Dow Jones Industrial Average.
After starting the day just below the 25,000 level, the Dow went on to crack below 24,000, collapsing as the close approached. It lost 1,032 points, or 4.2 percent, to end the day at 23,860.
The S&P 500 index and the tech-heavy Nasdaq Composite index also plummeted nearly 4 percent. The broad market S&P 500 finished down 101 points, at 2,581. And the and the Nasdaq closed 275 points lower, at 6,777.
Across the globe, stocks were mixed Thursday, with European stocks declining after gains in Asian, as investors appeared skittish after this week's financial turmoil. The pound rose sharply after the U.K. central bank signaled it could raise interest rates soon.
Britain's FTSE 100 closed down 1.5 percent to 7,170.69 points and France's CAC 40 dropped 1.9 percent to 5,151.68. Germany's DAX declined 2.6 percent to 12,260.29.
The Dow Jones industrials are down 800 points, extending the market's losses.
Stocks started to fall in early trading and extended their losses throughout the morning.
The market's turmoil began last Friday and has continued this week as investors worried about early signs of inflation.
Analysts have also been saying the market has gotten much too expensive after a huge run-up over the last year and has been long overdue for a pullback.
The Dow was down 810 points, or 3.3 percent, to 24,088.
The Standard & Poor's 500 index gave up 77 points, or 2.9 percent, to 2,603.
The S&P 500 is down 9.3 percent from the record high it set January 26.
The Nasdaq composite lost 212 points, or 3 percent, to 6,838.
The Dow Jones industrials are down 500 points, extending the market's losses.
The market opened little changed on Thursday but started to fall in early trading and extended its losses throughout the morning. The losses were steady, unlike the sharp swings seen over the past few days.
The benchmark Standard & Poor's 500 index is now down 8 percent from the record high it set January 26. It's still up 15 percent over the past year.
Technology companies, the leading sector over the past year, and banks fell the most. Microsoft lost 2.3 percent.
The Dow was down 501 points, or 2 percent, to 24,397.
The S&P 500 gave up 44 points, or 1.7 percent, to 2,637. The Nasdaq composite lost 125 points, or 1.8 percent, to 6,926.
Stocks are sliding further on Wall Street, putting the market on track for its second big weekly drop in a row.
The market got off to a mixed start on Thursday but has fallen steadily as the morning wore on.
Technology companies, the leading sector over the past year, and banks fell the most. Microsoft and JPMorgan Chase each lost 1.7 percent.
The losses, which began last Friday, put the benchmark Standard & Poor's 500 index almost 8 percent below the record high it set two weeks ago.
The Dow Jones industrial average lost 400 points, or 1.6 percent, to 24,491.
The broader S&P 500 lost 34 points, or 1.3 percent, to 2,647. The Nasdaq composite lost 101 points, or 1.4 percent, to 6,947.
Stocks are mixed in the early going as traders digest a batch of company earnings reports.
Twitter soared 26 percent early Thursday after reporting its first-ever quarterly profit.
Hanesbrands sank 8.8 percent after its results came up short of analysts' foreacasts. The company also issued a disappointing forecast.
Roomba maker iRobot plunged 24 percent after its earnings fell far short of what investors were expecting.
The Standard & Poor's 500 index slipped 2 points, or 0.1 percent, to 2,679.
The Dow Jones industrial average fell 98 points, or 0.4 percent, to 24,800. The Nasdaq composite edged up 10 points, or 0.2 percent, to 7,061.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.87 percent.