Dow plunges 485 points to hit new closing low for the year as interest rate and recession fears roil markets

Fears of higher interest rates and slower economic growth caused the US stock market to sell off for a fourth day in a row.

After falling 20% from its last high, the Dow Jones Industrial Average entered a bear market and is currently at its lowest point since June 17 of last year. Business activity contracted at a faster pace in September as the S&P Global's Purchasing Managers' Index dropped to 48.2 from 48.9.

The Federal Reserve and other central banks are expected to raise their rates this week. The S&P 500 gave up 5.2% and the Dow lost 4.5%.

The market closed at 4pm on Friday.

• S&P 500: 3,693.49, down 1.72% 

• Dow Jones Industrial Average: 29,591.47, down 1.61% (485.21 points)

• Nasdaq Composite: 10,867.93, down 1.8%

There are other things happening today.

Commodities and bonds are included.