The Dow Jones industrial average closed 334 points lower on Thursday than the day before, in what amounted to the worst drop of the year.
There was a major milestone on Wall Street Thursday as stocks set new records.
The Standard & Poor’s 500 index closed at a record high on Thursday, and has turned positive for the year 2014 so far.
The Standard & Poor’s 500 index closed out its best year since 1997 on Tuesday as traders wrapped up a record-setting year.
Stocks have been rising sharply this year as the U.S. economy improves, companies report bigger profits and the Federal Reserve keeps up its easy-money policies.
The Dow Jones industrial average crossed 15,000 for the first time, and the Standard and Poor’s 500 index, a broader market measure, rose above 1,600.
Trading resumed on the New York Stock Exchange Wednesday after being closed for two days because of Hurricane Sandy. New York Mayor Michael Bloomberg ran the opening bell.
A late afternoon rally pushed the stock market higher for only the second day this month.