The Dow Jones industrial average took a plunge of 1,600 points Monday in what at least one analyst called a “flash crash.”
Minutes after the Dow sank 1,600 points, it reversed briefly and closed down 4.9 percent, or 1,175 points to 24,345.75.
The plunge was said to be the sixth-largest point drop on record. However, it’s only the 538th largest dip in terms of percentages.
The White House, which cited economic growth, low unemployment rates and rising wages, said President Trump is focused on “our long-term economic fundamentals, which remain exceptionally strong.”
CNBC analyst Jim Cramer called Monday’s big plunge a “flash crash.”
“The markets showed the same lack of class and power and honesty and truth that we have seen in every kind of these flash crashes,” Cramer said during CNBC’s “Closing Bell.”
Since the new year, the market has quickly soared, and then it sank even faster.