Stocks Tumble As Federal Reserve Eyes Interest Rate Hikes

The Dow Jones dropped by more than 700 points Monday morning, while the NASDAQ and S&P 500 were down 440 points and 120 points, respectively.

Stocks sank in morning trading on Wall Street Monday, putting the benchmark S&P 500 on track for what the market considers a correction — a drop of 10% or more from its most recent high.

The S&P 500 fell 2.5% to 4,287.22 as of 10:15 a.m. ET, and is now down about 10.7% from the high it set on Jan. 4. A close of 4,316.90 or lower will put it into a correction.

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