Wall Street closes with massive losses

The major indexes in the U.S. stock market closed with massive losses on Thursday as investors continue to maintain a strong selling position amid worries over the U.S. Federal Reserve would make more rate hikes than anticipated.

The Dow Jones fell 1,032 points, or 4.15 percent, to end the day at 23,860. The S&P 500 declined 100 points, 3.75 percent, to finish trading at 2,581.

At the final bell the Nasdaq was down 274 points, or 3.9 percent, at 6,777.

The three major indexes posted their fourth daily loss in the past five trading days.

Indexes reached their record high levels on January, and the recent steep decline is the result of a correction in the bull market, experts said.

Meanwhile, volatility remains strong in the markets.

The CBOE Volatility Index with a ticker symbol VIX, which measures the market's volatility expectation in the S&P 500, was up 24 percent at 34.37 at the final bell.

The 10-year U.S. bond yields was up 1 percent at 2.835 percent.