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The sell-off on Wall Street accelerated sharply Monday afternoon, with the Dow plummeting about 1,500 points, giving back much of the gains scored with last year’s US tax cut.
Near 2010 GMT, the Dow Jones Industrial Average was down 1,481 points, or 5.8 percent to 24,040.29, losing more than 1,000 points in about an hour.
The broad-based S&P 500 dropped 4.2 percent to 2,647.18, while the tech-rich Nasdaq Composite Index tumbled 3.6 percent to 6,980.28.
US stocks have been under pressure for the last week as investors weigh the risks of more Federal Reserve interest rate hikes following strong economic data.