Dow Jones industrials sink 500 points

05 February, 2018, 06:30 | Author: Sheri Evans
  • Trader bemoaning big losses

The Dow Jones Industrial Average fell 666 points, while the S&P/TSX Composite Index was off 255.

The S&P 500 and the Dow are both on track for their biggest one-week declines in more than two years.

A higher wage-related index in the jobs data released on Friday raised speculation that inflation will accelerate. Energy shares plunged more than 3 percent.

Indeed, they said the pullback was not surprising given the market's remarkable surge of the past 12 months, which extended a nine-year bull market in stocks. The yield on the U.S. 10-year Treasury hit a high of 2.8525 per cent yesterday.

The yield on the 10-year Treasury note, a benchmark for many kinds of loans, including mortgages, climbed to 2.85 percent Friday, the highest level in roughly four years.

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US stocks posted the worst weekly performance in years in the past week as investors grew more concerned about rising interest rates while digesting mixed quarterly corporate earnings reports.

US stocks slumped Friday, and the market suffered its worst week in two years, as fears of inflation and disappointing quarterly results from technology and energy giants spooked investors. Elsewhere, Japan's Nikkei fell 0.9%, as SoftBank retreated and financial shares tumbled after the Bank of Japan offered a special bond purchase to try and contain rising yields.

This has been a volatile week for US stocks.

More recently, the market had been surging in the so-called 'Trump rally'.

Investors have spent much of the a year ago shrugging off geopolitical and economic risks, from the threat of nuclear conflict with North Korea to a potential trade war with China. Meanwhile wages rose at the fastest pace in more than eight years, suggesting employers are competing more fiercely for workers. The U.S. central bank has forecast three rate increases this year after raising borrowing costs three times in 2017.

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Their goal was to incentivize investors to put their cash to work in the economy - for example, by buying corporate stocks and bonds - rather than stashing it in the relative safety of government bonds. "The easy money had been made, and it will be more challenging to extend the gains as interest rates move higher".

"The bond market sold off and the expectation is three maybe four rate hikes this year in light of the jobs report", said Nolte.

The S&P 500 is up 88.52 points, or 3.3 percent. But they anxious investors, who are concerned that the combination of higher wages, a tighter labor market and an uptick in inflation may push the Federal Reserve to raise its benchmark interest rate at its next meeting in March.

The S&P fell after the 10-year Treasury yield hit above 2.85 per cent for the first time since January 2014.

The Labor Department said Friday 200,000 jobs were added to the economy in January and the jobless rate held steady 4.1 percent, the lowest rate in almost 20 years.

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