Dow drops 1,175, biggest-ever point drop

NEW YORK (AP) – The Dow Jones industrial average plunged 1,175 points, or 4.6 percent, 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 percent 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.

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