The Dow Jones industrial average on Monday fell by 1,175 points at the close of trading, a 4.60 percent drop, on fears by investors of possible interest rate hikes.

The index had recovered after briefly dropping 1,500 points, the largest single-day drop in the Dow’s history, to break below the psychologically important level of 25,000. Monday’s selling spree occurred the same day as the swearing-in of Jerome Powell as the new chairman of the Federal Reserve, which is in charge of setting the potentially higher interest rates.

Source: NBC News