Wall Street Reels After 1,100-Point Drop for Day

The Dow Jones Industrial Average has hit its lowest level of the year, falling more than 1,100 points Monday to close at 24,346.

The losses come on the heels of a 666-point drop on Friday. 

The Dow lost more than 1,500 points by 2:30 p.m. Monday afternoon -- and even entered correction territory.

Also Monday, the S&P 500 lost 113 points to finish at 2,649, and the Nasdaq was 273 points lower at 6,968.

The downward spiral on Wall Street continued a massive sell-off that started Friday.

Monday's close erased this year's gains. Stocks are being pressured by rising interest rates.

Financial expert Pete Najarian of OptionMonster.com says despite the big losses, this is not the time to pull out of stocks. Najarian noted that the volatility index has been sky-high lately, and the market was due for a correction.

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