Transcript for Dow plummets more than 1,100 points in biggest single-day drop in history
And a volatile tense start to the week on Wall Street. We witnessed the lbrgest one-point drop in history. How do you explain this? Just after 3:00 this afternoon, the losses adding up, at one point, plunging more than 1,500 points. Then recovering a big, closing at 24,345, down more than 1,100 points to end the day. The president often cites the Dow and the markets as proof that his poll sills are working. So, what the white house is saying tonight, as everyday investors and baby boomers want to know, is this temporary? And what's driving the jitters? ABC's chief business correspondent, Rebecca Jarvis, leading us off. Reporter: You could see it in their faces. Anxious traders on Wall Street as the Dow plummeted more than 1,500 points, before recovering somewhat, still ending the day down 1,175 points. The biggest one-day point drop in history. It came just as the president was praising the strength of the American economy and jobs in Ohio. Give something very big back, and that's tax cuts. Reporter: While cable news showed the Dow's precipitous drop in the corner of the screen. President trump has repeatedly touted the markets gains as proof his policies are working. Many economists say the tax cuts and deregulation have helped fuel the Dow. I told you. The stock market is hitting one all-time record after another. The stock market is shattering one record after another. The stock market smashes one record high after another. Reporter: The Dow is up 21% in just the last year. But with such dramatic climbs can come volatility, and while job gains and wage increases are positive new for workers, they're also a signal for the federal reserve to hike interest rates, leading investors to fear a correction. When the market pulls back, and particularly as sharp lip as we've seen in recent days, there's this natural tendency to think, what's wrong? There's nothing wrong. What you're seeing is profit taking, because of the fact that interest rates are going up. Rebecca Jarvis with us here on the set tonight. You pointed out, we know the president pays very close attention to the markets. Put this in perspective. Have we heard from the president yet, the white house? Reporter: We have yet to hear from president trump. He's yet to weigh in on the market today. Sara Sanders weighed in and said that the economy, in a statement, is exceptionally strong, pointing to the low unemployment figures. The economists you talked to today said the fundamentals are strong, and we've seen it on Wall Street. W so, how do we put this in perspective? Reporter: When you think about your nest egg, David. If you had put $1,000 into the market one year ago, you would have made, as of today, $200 on top of that, that money would be safe, as of today, even in spite of today's losses. All right, we'll see how it goes tomorrow on the markets, obviously. Rebecca Jarvis leading us off.
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