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Stocks crater, Dow and S&P erase year-to-date gains

Last Updated Feb 5, 2018 at 2:14 pm PDT

(iStock)

North American stock markets plummeted today, with the Dow Jones Industrial Average and the S&P 500 Index erasing their year-to-date gains.

At one point, the Dow was trading more than 1,500 points lower. It closed at 24,345 for a loss of 1,175 points or 4.6 per cent.

The Dow sank 666 points on Friday as investors worried that signs of wage inflation might lead to a faster pace of interest rate increases by the U.S. Federal Reserve.

The S&P 500 dropped 113 points or 4.1 per cent to 2,649. The Nasdaq was down 3.8 per cent of 273 points to 6,967. Canadian stocks suffered less, although the S&P/TSX Composite Index lost 271 points or 1.7 per cent to close at 15,335. Bank stocks and energy shares were among the decliners.

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