Dow industrials drop another 1000 points

first_imgNEW YORK — The Dow Jones industrials plunged more than 1,000 points for the second time this week as a sell-off in the stock market deepened.The weeklong rout marks a stark turnabout in investors’ mood from just two weeks ago, when indexes set their latest record highs. The Dow and the Standard & Poor’s 500 are now down 10 percent since then, known on Wall Street as a “correction.”“In January we talked about fear of missing out. What we have now is what I call fear of getting caught,” said Tom Martin, senior portfolio manager with Globalt Investments.The market began falling in the first few minutes of trading and the pace of the declines got worse as the day wore on. Many of the companies that rose the most over the last year have borne the brunt of the selling. Facebook and Boeing have both fallen sharply.A hint of rising inflation and rising rates last week was all it took to set off a cascade of investor angst.After huge gains in the first weeks of this year, stocks started to tumble last Friday after the Labor Department said workers’ wages grew at a fast rate in January.last_img read more