The Dow Jones Industrial Average fell nearly 1,600 points at its lowest point on Monday in the biggest one-day decline ever, closing at 1,175 points.
All the 30 companies that make up the Dow index were in the red on Monday, with Verizon, Microsoft, and Exxon Mobil each falling more than three percent.
The market started 2018 with a bang, but last week was the worst on Wall Street in two years. Nearly $1 trillion of market value was erased from the S&P 500 last week.
After blitzing past 26,600 in January, the recent losses erased the Dow’s 2018 gains. All three of the major stock market indexes were hit and the decline in the Dow was closely followed by the wider S&P 500 stock index, down 3.8 percent, and the technology-heavy Nasdaq, down 3.7 percent.