Dow Jones industrial average falls over 1000 points in one day

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Only last month the Dow and benchmark S&P 500 index had their best monthly gains in two years, with stocks reaching record levels on January 26, supported by the benefit of a cut in U.

The Dow Jones index of industrial companies in NY, which lost 665 points on Friday, dropped a further 290 points when it opened, down nearly 1% to 25,314.

"Do the same thing you normally would do".

The increase was greater than anticipated and may lead to higher inflation, and the Federal Reserve could respond by raising interest rates, The Wall Street Journal reported.

Monday was a historic day on Wall Street but not in a good way.

The big drop comes on the heels of the worst week in the market in more than two years and Friday's major sell-off.

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In a short video statement posted to the Fed's website , Powell praised the health of the economy. The Dow opened at 25,520.96 and closed at 24,345.75, down 4.6 percent from Friday's close.

The Nikkei lost 1,589.17 points by Tuesday afternoon, before recovering slightly.

The previous record decline for the Dow came on September 29, 2008, when it fell 778 points.

The mayhem puts Mr Trump in an awkward position.

Many investors have been bracing fora backdraft for months, as the stock market has reached record high after record high with investors encouraged by solid economic data and prospects of corporate profits, the latter bolstered by recently passed tax cuts.

"You take a look at what's going on with the stock market", he said in February 2017.

Critics immediately said that if his policies were responsible for the gains then he must also take responsibility for the pain.

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The stock market index fell by more than 1,179 points on Monday.

At one point the Dow was down more than 1,500 points, before slightly rebounding at the closing bell.

The White House responded with a statement expressing confidence in the state of the economy. "But the fundamentals of this economy are very strong and they are headed in the right direction, for the middle class in particular".

Equity investors are looking for confirmation that recent declines represent the healthy correction many had expected after the stellar start to the year. The S&P 500 was down 3.8 per cent and the technology-based Nasdaq lost 3.7 per cent of its value. The index closed at just above 21,500 points, down 5 percent. Bitcoin tumbled for a sixth day to trade below $7,000.

"I actually think there's buying opportunities, maybe not today, but through this week as this sell-off exacerbates", said Sean Fenton, a portfolio manager who oversees about A$1 billion ($788 million) at Tribeca Investment Partners in Sydney.

However, Europe appeared to have avoided the worst of the share falls seen on Monday in the USA and earlier on Tuesday in Asia.

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