Dow Suffers Steepest One-day Drop In Five Months

The Dow Jones Industrial Average suffered its worst one-day drop in five months as investors began pricing in a rate hike by the Federal Reserve by the middle of the year, while other central banks are on an an easing path. ECB's bond purchases sent European government bond yields sharply lower, while euro fell to multiyear lows, wreaking havoc in foreign exchange and commodity markets. Both the S&P 500 and Dow industrials erased gains for the year and turned slightly negative. The S&P 500 closed 35.26 points, or 1.7%, lower at 2,044.17. The Dow Jones Industrial Average dropped 332.78 points, or 1.9%, to 17,662.94, it's worst point drop since Oct 9, 2014. The Nasdaq Composite ended the day down 82.64 points, or 1.7%, at 4,859.79.