Nov. 13 (UPI) -- Doubts about a potential third Federal Reserve rate in December triggered an 800-point drop in the Dow Jones Industrial Average on Thursday after setting a record high a day earlier.
The Dow closed higher than 48,000 for the first time on Wednesday, but Investopedia reported a steep decline on Thursday amid concerns over the Federal Reserve rate.
The Dow reached a daily high or 48,211.83 during morning trading on Thursday but declined steadily afterward to a low of 47,431.43 and closed at 47,457.22, which is a drop of 797.60 and 1.65% for the day.
The Nasdaq and S&P 500 likewise posted downturns during the day's trading, with the Nasdaq closing at 22,870.36, which is a decline of 536.10 and 2.29%.
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