Amid worries over inflation and interest rates US Dow Jones index slumped 1,000 points on Friday for the second time in a week. The Dow index is 10 percent below the record high it set just two weeks ago, putting it in what is known on Wall Street as a "correction."
According to AP news agency, the Standard and Poor's 500, the benchmark for many index funds, is also 10 percent below the record high it set two weeks ago.
Worries about inflation set the market rout in motion last Friday, and many market watchers have been predicting a pullback after the market's relentless march higher over the past year.
The Dow dropped 1,032 points, or 4.1 percent, to 23,860. The Nasdaq lost 274 points, or 3.9 percent, to 6,777.