U.S. stocks sank more than 2 percent Thursday, the second day of steep declines around the globe driven by concerns about rising interest rates and trade tensions that could slow economic growth. The Dow Jones Industrial Average fell 545 points after dropping 831 points Wednesday. The two-day loss of 5.3 percent is the biggest for Dow since February. The S&P 500 is also down more than 5 percent over the two days and after falling for the past six trading days is almost 7 percent below its Sept. 20 high. The recent turbulence in financial markets is a contrast to what investors have grown accustomed to in a bull market that has lasted more than 10 years, the longest in history. A hallmark of the past decade has been ultra-low interest rates, which the Federal Reserve used to promote growth in the aftermath of the 2008 financial crisis. The Fed has been gradually raising interest rates over the past two years, after not having increased them since the recession. Those higher rates have been the catalyst for recent selling, stoking concerns that slower growth would impinge on corporate profits. Dow Jones Industrial Average Largest Daily Point Loss Date Close Points change % Change Feb. 5, 2018 24,345.75 −1,175.21 −4.60 Oct. 10, 2018 24,345.75 −831.3 −3.20 Sep. 29, 2008 10,365.45 −777.68 −6.98 Oct. 15, 2008 8,577.91 −733.08 −7.87 Sep. 17, 2001 8,920.70 −684.81 −7.13 Dec. 1, 2008 8,149.09 −679.95 −7.70 Oct. 9, 2008 8,579.19 −678.91 −7.33 Feb. 2, 2018 25,520.96 −665.75… [Read full story]
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