NASDAQ Drops 229 Points

The Nasdaq composite, which closed at an all-time high on Monday, fell 229.46 points plunging well below the 4,000 mark. Today's drop was the largest daily point loss ever to the Nasdaq composite, which was only the seventh-largest ever in percentage loss.

Many investors and analysts expect the Fed to raise interest rates at its February meeting. At its last meeting, the Fed left interest rates unchanged.

Today's market woes were not limited to the U.S. In Britain, trading resumed today for the first time after the new year. The London Stock Exchange also had its biggest daily point loss today, dropping 264.3 points.