ASX 200 enters correction, drops 1.8% at the close

January 27, 2022 06:34 PM AEDT

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Australian shares plunged into a correction today, with the benchmark index dropping 123.3 points to 6838.3. The ASX 200 is down over 10% from its August highs. Fed Chair Jerome Powell has signaled a March lift-off for interest rates. The cryptocurrency market eroded its gains to trade lower following rate hike signals by the Fed.