Top regulators and stock exchanges on Monday agreed to a structural framework for strengthening circuit breakers when a stock price drops significantly, in the wake of the stock market’s major drop on Thursday.

“As a first step, the parties agreed on a structural framework, to be refined over the next day, for strengthening circuit breakers and handling erroneous trades,” Securities and Exchange Commission Chairwoman Mary Schapiro said in a statement.

The Dow Jones Industrial Average dropped nearly 1,000 points on Thursday before swiftly rising to a 348-point loss.

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