NEW YORK  — The Dow Jones industrial average plunged more than 1,100 points Monday as stocks took their worst loss in six and a half years. Two days of steep losses have erased the market’s gains from the start of this year and ended a period of record-setting calm for stocks.

Banks fared the worst as bond yields and interest rates nosedived. Health care, technology and industrial companies all took outsize losses and energy companies sank with oil prices.

At its lowest ebb, the Dow was down 1,597 points from Friday’s close. That came during a 15-minute stretch where the 30-stock index lost 700 points and then gained them back.

Market pros have been predicting a pullback for some time, noting that declines of 10 percent or more are common during bull markets. There hasn’t been one in two years, and by many measures stocks had been looking expensive.

“It’s like a kid at a child’s party who, after an afternoon of cake and ice cream, eats one more cookie and that puts them over the edge,” said David Kelly, the chief global strategist for JPMorgan Asset Management.