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|An electronic screen displaying trading data is seen at the New York Stock Exchange in New York Mitch Richmond Kings Jersey , the United States, on Feb. 5, 2018. U.S. stocks closed sharply lower on Monday, with the Dow plummeting 4.60 percent Mike Bibby Kings Jersey , as the market took a heavy hit from panic sales. (XinhuaWang Ying)
NEW YORK, Feb. 5 (Xinhua) -- U.S. stocks closed sharply lower on Monday, with the Dow plummeting 4.60 percent, as the market took a heavy hit from panic sales.
The Dow Jones Industrial Average dropped 1 Malachi Richardson Kings Jersey ,175.21 points, or 4.60 percent, to 24,345.75. The S&P 500 slumped 113.19 points Justin Jackson Kings Jersey , or 4.10 percent, to 2,648.94. The Nasdaq Composite Index sank 273.42 points, or 3.78 percent Jason Williams Kings Jersey , to 6,967.53.
Monday's rout extended a steep sell-off from the previous session. On Friday, U.S. stocks plunged, with the Dow slumping over 650 points Harry Giles Kings Jersey , as investors worried that the Federal Reserve may hike rates on a faster pace after an upbeat jobs report.
U.S. total nonfarm payroll employment increased by 200,000 in January, beating market consensus, and the unemployment rate stayed unchanged at 4.1 percent Georgios Papagiannis Kings Jersey , the Labor Department reported Friday.
Analysts said the market is now thinking about the possibility of the Fed raising interest rates four times this year, after the central bank in December suggested three more increases in 2018.
Investor sentiment was also dampened by a global rout in stock markets. Most European and Asian equity markets finished sharply lower Monday, with Japanese stocks suffering their biggest one-day drop since Nov. 9, 2016.
On the economic front George Hill Kings Jersey , the ISM Non-Manufacturing Index registered 59.9 percent in January, 3.9 percentage points higher than the seasonally adjusted December reading and beating market consensus of 56.2, the Institute for Supply Management (ISM) said Monday.
Meanwhile, the seasonally adjusted final IHS Markit U.S. Services Business Activity Index registered 53.3 in January DeMarcus Cousins Kings Jersey , in line with market expectations.
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