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Stocks Tumble, As Dow Ends More Than 1,000 Points Lower

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CBS News CBS News
NEW YORK -

U.S. stocks tumbled on Thursday amid jitters over volatility prompted by huge swings earlier this week in the Dow Jones Industrial Average.

After starting the day just below the 25,000 level, the Dow went on to crack below 24,000, collapsing as the close approached. It lost 1,032 points, or 4.2 percent, to end the day at 23,860.

The S&P 500 index and the tech-heavy NASDAQ Composite index also plummeted nearly 4 percent. The broad market S&P 500 finished down 101 points, at 2,581. And the NASDAQ closed 275 points lower, at 6,777.

Thursday's plunge puts the stock market into correction territory, with stocks down about 10 percent from their record high on Jan. 26, according to Bankrate.com.

"A rubber band can only be stretched so long before it snaps back," Mark Hamrick, senior economic analyst at Bankrate.com, told CBS MoneyWatch. "This has been the longest overpredicted pullback in history."

He added, "Right now we're having a correction in the bull market, but it's painful for some. The thing to watch is if we see the 10-year Treasury yield move, it will cause more pain in the stock market."

At just above 2.8 percent, the yield on the 10-year Treasury note has risen to its highest level in more than three years, reflecting expectations from bond investors that the Federal Reserve may boost interest rates at a quicker pace than it has been signaling.

Across the globe, stocks were mixed Thursday, with European stocks declining after gains in Asian, as investors appeared skittish after this week's financial turmoil. The pound rose sharply after the U.K. central bank signaled it could raise interest rates soon.

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