Dow sinks 1,175 points on volatile day; Asian markets tumble

The Dow Jones industrial average plunged 1,175 points Monday in an exceptionally volatile day for financial markets around the world, stirring concerns about the durability of the long-running stock gains.

In the biggest global sell-off since 2016, financial markets from Asia to Europe to the United States were rocked primarily by concerns about inflation.

The Dow was off a heart-stopping 1,600 points during afternoon trading, the largest intraday point decline in the blue-chip index's history. But the 4.6 percent loss for the day was not even close to the biggest.

The downdraft raised fresh anxieties among Americans who have seen their retirement savings and household worth march steadily higher without any of the gyrations that are part of a normal market cycle.