The stock market plunged into a correction today, continuing a period of volatility that has seen a series of rapid dips and surges in the past few days.
Business Insider reports that the Dow Jones industrial average closed at 23,860.46 today, losing 1,032.89 points or 4.15%. The report notes that the market is now officially in a correction, defined as a 10% drop from its most recent high.
The selloff accelerated near the end of Thursday’s trading session, the report notes.
“Stocks have failed to hold on to a strong rebound since Friday, when a better-than-expected report on wages added to worries about higher U.S. inflation,” the report notes.
The benchmark S&P 500 closed at 2,581.08, down 100.58, or 3.75%, and the Nasdaq fell to 6,777.16, off 274.82, or 3.90%.