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Stocks rocked: Dow drops 1,175, biggest-ever point drop

Trader Peter Tuchman works on the floor of the New York Stock Exchange, Tuesday, Jan. 30, 2018. The stock market slumped to its worst loss since August, giving back some of the big gains it has posted since the beginning of the year. (AP Photo/Richard Drew)

The Dow Jones industrial average plunged 1,175 points, or 4.6 per cent, 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 per cent 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 per cent, to 2,648.

The Nasdaq fell 273, or 3.8 per cent, to 6,967.

Bond prices rose. The yield on the 10-year U-S Treasury fell to 2.73 per cent.

North of the border the TSX closed at 15,334.81, down 271.22 points.