Dow Jones closes with historic drop of more than 1,000 points

Feb. 5 (UPI) -- The Dow Jones industrial average continued the massive slide that began Friday by dropping more than 1,000 points by the end of trading Monday.

The index finished at 24,342, down a total of 1,175 points or 4.6 percent, after dropping by up to 1,500 points in afternoon trading.

Monday's decline was the largest single-day trading drop in Dow history and extended the 666-point drop that happened Friday, a drop of about 2.5 percent.

The technology-heavy Nasdaq market has fallen in six of the last eight trading sessions.

White House press secretary Sarah Sanders said President Donald Trump remained confident in the long-term strength of the economy amid the stock market slide.

"The president's focus is on our long-term economic fundamentals, which remain exceptionally strong, with strengthening U.S. economic growth, historically low unemployment, and increasing wages for American workers," she said. "The president's tax cuts and regulatory reforms will further enhance the U.S. economy and continue to increase prosperity for the American people."

The Dow is still up more than 30 percent since the 2016 presidential election, and Trump has often pointed to the rise as a signal that his economic policies and plans are working.

The fall came after the Labor Department reported a 2.9 percent increase in hourly earnings, a signal that inflation could be imminent.

Another concern is that the Federal Reserve, under the direction of new Chairman Jerome Powell, will continue interest rate increases, which could slow the economy and the markets.

White House 'concerned' about stock market drop from CNBC.