The daily business briefing: February 9, 2018

U.S. stocks try to regroup after another 1,000-point drop, Congress passes a spending deal to end a brief government shutdown, and more

Traders scramble on the New York Stock Exchange floor
(Image credit: BRYAN R. SMITH/AFP/Getty Images)

1. Stock futures struggle to recover after Dow's second 1,000-point drop

The Dow Jones industrial average plunged by 1,033 points on Thursday, its second four-digit drop this week. The 4.1 percent drop, along with Monday's 1,175-point dive, erased the blue-chip index's 2018 gains. The Monday and Thursday declines were the Dow's only two 1,000-plus-point one-day losses ever. The S&P 500 fell by 3.75 percent Thursday as investors worried rising economic growth and wages will push the Federal Reserve to speed up interest rate hikes to stem rising inflation. The losses left the S&P and the Dow 10 percent below their January highs, the official threshold of a market correction. President Trump, who had claimed credit for recent stock gains, said investors who sell now are making a "big mistake." Global stocks sank Friday; U.S. stock futures were mixed and volatile, with the S&P edging up.

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