Dow plunges 1,032 as market enters correction territory – Indianapolis Business Journal

Dow plunges 1,032 as market enters correction territory

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The Dow Jones industrial average plunged more than 1,000 points Thursday as a weeklong market swoon continued.

The Dow is 10 percent below the record high it set just two weeks ago, putting it in what is known on Wall Street as a "correction."

The Standard & Poor's 500, the benchmark for many index funds, is also 10 percent below the record high it set two weeks ago.

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Worries about inflation set the market rout in motion last Friday, and many market watchers have been predicting a pullback after the market's relentless march higher over the past year.

The Dow dropped 1,032 points, or 4.1 percent, to 23,860.

The S&P 500 gave up 100 points, or 3.8 percent, to 2,581. The NASDAQ composite lost 274 points, or 3.9 percent, to 6,777.

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