The S&P 500 fell 322 points, or nearly 6%, to close at 5,074 — the largest one-day slump in the broad-based index since March 16, 2020, when it lost 12%. Today’s plunge erased $2.7 trillion in market value from the index. The decline wipes out more than a year of stock market gains, taking the S&P 500 back to its levels in February 2024.
The Dow Jones Industrial Average sank 2,231 points, or 5.5%, and is down 14% since peaking in February. The Nasdaq Composite slid 963 points, or 5.8%. That means the the tech-heavy index is now in a bear market, or when stocks drop at least 20% from their most recent high.
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