What happened? U.S. stocks plunged during trading, triggering a selling frenzy.

On Thursday, the U.S. stock market was expected to rise, supported by the unexpected increase in unemployment and the hope of interest rate cuts, but it plunged dramatically in the afternoon. The Dow Jones Industrial Average fell more than 800 points from its intraday high, the largest closing point drop in a year.

Many senior officials of the Federal Reserve spoke intensively, and some officials bluntly stated that there might be no interest rate cut this year, causing U.S. stocks to fall sharply during trading.