Updated at 4:45 p.m. ET
U.S. stock markets fell sharply Thursday, with the Dow Jones industrial average tumbling 1,033 points, or 4 percent, to 23,860.
Other major stock indexes also dropped Thursday. The S&P 500 fell 101 points, or 3.8 percent, and the Nasdaq index fell 275 points, or 3.9 percent.
With the latest drops, both the Dow and the broader S&P 500 are down more than 10 percent from their peaks on Jan. 26, which constitutes a market correction.