NEW YORK (AP) — The Dow Jones industrial average fell as much as 500 points in early trading, bringing the index down 10 percent from the record high it reached on January 26.
The drop in early trading Tuesday marked the third straight day of steep declines. The Dow quickly recovered much of that loss.
The swoon began Friday as investors worried that accelerating inflation and higher interest rates could derail the market’s record-setting rally.
Global markets also fell. European indexes were down about 2 percent, while Japan’s Nikkei lost 4.7 percent.
The Dow recovered some of its early plunge and was down 127 points, or 0.4 percent, at 24,255.
The Standard & Poor’s 500 index was down 8 points, or 0.3 percent, at 2,639. The Nasdaq composite was down 6 points, or 0.1 percent, to 6,956.
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