NEW YORK (CBSNEwYork/AP) — The Dow Jones industrial average closed down more than 1,000 points as a weeklong market swoon continued.

The Dow is 10 percent below the record high it set just two weeks ago, putting it in what is known on Wall Street as a “correction.”

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The Standard & Poor’s 500, the benchmark for many index funds, is also 10 percent below the record high it set two weeks ago.

Worries about inflation set the market rout in motion last Friday, and many market watchers have been predicting a pullback after the market’s relentless march higher over the past year.

Investors are worried about bond markets, higher inflation and interest rates, CBS2’s Alice Gainer reported.

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“We’ve gone through a long period where interest rates are low — meaning money is relatively cheap,” said Chris Wolfe, Chief Investment Officer, First Republic Private Wealth Management. “As that gets more expensive it’ll start to put more pressure on the stock market.”

The Dow dropped 1,032 points, or 4.1 percent, to 23,860.

The S&P 500 gave up 100 points, or 3.8 percent, to 2,581. The Nasdaq lost 274 points, or 3.9 percent, to 6,777.

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