US stocks fall, Dow loses nearly 1,200 points

New York, Feb 28
US stocks closed sharply lower as investors fled the stock markets and flocked into safe-haven assets.

The Dow Jones Industrial Average fell 1,190.95 points, or 4.42 per cent, to 25,766.64 on Thursday. The S&P 500 was down 137.63 points, or 4.42 per cent, to 2,978.76. The Nasdaq Composite Index was down 414.30 points, or 4.61 per cent, to 8,566.48, Xinhua reported.

All three major indexes tumbled into correction territory.

Most of the 30 Dow component companies closed in red territory, with Microsoft and Dow shedding 7.05 per cent and 6.61 per cent, respectively, leading the laggards.

Some other big names, such as Apple, Intel and Exxon Mobil, fell more than 6 per cent.

All of the 11 primary S&P 500 sectors closed lower. Real estate and energy declined 5.59 per cent and 5.47 per cent, respectively, the top two laggards.

The Cboe Volatility Index, widely considered the best fear gauge in the stock market, jumped 42.09 per cent to 39.16.

The benchmark 10-year Treasury yield dipped below 1.25 on Thursday, hitting a record low. Yields move inversely to prices.