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Markets Now: Dow Drops 1,175, Biggest-Ever Point Drop

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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.

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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

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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.

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