With the stock market in free collapse, the Dow sinks 1,000 points.

As of 12:00 EST, the Dow had down over 1,000 points, or 3%, while the S&P 500 had dropped 3.7 percent. 

The Nasdaq, which is dominated by technology, fell 4.8 percent.

Markets had risen the day before after the Federal Reserve stated on Wednesday that it would not raise interest rates as soon as some had predicted.

However, traders are becoming increasingly concerned about the impact of the Fed's efforts to cool rising inflation by reducing demand for borrowing money.

Bond yields have resumed their upward trend, raising mortgage rates. 

The yield on the 10-year Treasury note jumped to 3.1 percent, the highest level since late 2018.

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