The Dow Jones industrial average fell more than 1,500 points on Friday afternoon — but that didn't trigger any trading halts.
That's because the stock market as measured by the broader S&P 500 index has to fall even more to trigger those halts. The first such circuit breaker kicks in when the S&P 500 falls at least 7 percent, what's called level 1. The S&P was down about 3 percent in afternoon trading on Monday.
To put the day's move in a broader context, the point drop in the Dow (which is a basket of 30 large U.S. company stocks versus the 500 or so stocks in the S&P) was just 4 percent. The Dow fell 665 points on Friday. The last time it closed down 500 or more points was after Britain voted to leave the European Union, June 24, 2016, when it fell 610 points, then a 3.4 percent move.
The Dow's biggest closing drop in points in a single day was 777.68 on Sept. 29, 2008, in the midst of the financial crisis. It was a 6.89 percent fall back then.
Still, the Dow has given back nearly all of its gains for January.