Dow plunges 876 points, S&P 500 drags on stock market

Dow plunges 876 points, S&P 500 drags on stock market

Jack Ablin, founder of Cresset Capital, told CNBC Monday that anyone who wants to be bullish can't find anything to hang their hat on. There is nothing out there with valuations under question, with interest rates rising, the direction of the economy uncertain. The Nasdaq Composite did worst percentage-wise, diving 530.80 points or 4.68 percent to 10,809. The Dow Jones industrials fell 876.05 points, or 2.79 percent, to 30,516. The Standard and Poor's 500 sank by 151.23 points or 3.88 percent to 3,749. The U.S. dollar went up as stocks fell. The euro fell to 1.0412 around New York on Monday. The British pound fell to 1.2123. The Japanese yen was mired around multi-decade lows at 134.37. The Swiss franc was sharply lower at 0.9982.

The Canadian dollar fell to 1.2889. The Australian dollar lost value to 0.6922 at the end of the day. The New Zealand dollar fell to 0.6252.

The carnage in equity markets was just as severe over the course of the day. The FTSE 100 in London plunged 1.53 percent. The Dax fell 2.43 percent in Germany. The Paris-based CAC 40 dropped 2.67 percent.

The Nikkei 225 plunged 836.86 points, or 3.01 percent, to 26,987 in Japan. The Shanghai Composite gave up 29.28 points or 0.89 percent, or 29.28 points, to 3,255. In New Zealand, the S&P NZX 50 fell by 211.56 points or 1.90 percent to 10,924. The Hang Seng in Hong Kong fell by 738.60 points or 3.39 percent to 21,067. The Australian stock markets were closed on Monday to mark the Queen's Birthday.