Dow drops 1,000 points as markets extend their slide in 2022

By DAMIAN J. TROISE
AP Business Writer

NEW YORK (AP) — The Dow Jones Industrial Average has dropped more than 1,000 points Monday as financial markets buckled in anticipation of inflation-fighting measures from the Federal Reserve and the possibility of conflict between Russia and Ukraine. Stocks extended their three-week decline on Wall Street and put the benchmark S&P 500 on track to close in what the market considers a correction _ a drop of 10% or more from its most recent high. Just after noon, the Dow was down 2.9% while the S&P 500 dropped 3.6%. The Russell 2000 index of smaller companies, whose fortunes are more closely tied to the domestic economy, is now down more than 20% from its recent high.