Dow Plunges 1000 Points As Selling Spreads

10 February, 2018, 07:01 | Author: Kim Reid
  • Wall Street Roller Coaster: Dow Jumps Higher After Plunging At Open

However, the falls seen in early trade in Europe were not as steep.

In another dramatic trading session finishing this morning, Wall St confirmed a correction for the market that has thrown its almost nine-year bull run off course. The NASDAQ Composite index is nearing a correction - a 10 percent drop, falling 9.8 percent from its January 26 high. The last bear market was during the 2008 financial crisis.

"If we see 3.0 percent next week that is going to spook people more - the equity market psyche is fragile at this point". The blue-chip average suffered its second 1,000-point drop in a week on Thursday.

The Standard & Poor's 500 index, a broader market barometer tracked by many index funds, climbed 1.7 percent to 2,695.14.

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As the announcers recall, the pizza - despite losing a good bit of its cheese and sauce - landed heads up and looked delicious. February 9 is National Pizza Day , and luckily there are a lot of deals and freebies to celebrate the day.

Dudley, who called the market slump "small potatoes", said the "jury is still out" on the number of rate hikes.

The Dow lost 1,032.89 points, or 4.1 percent, to 23,860.46.

In Toronto, the S&P/TSX composite index was down 264.97 points, or 1.73 per cent, to 15,065.61, in a broad-based decline. The index ended back up above the 30 level on Thursday. That's also a big change: The market has been stable in the a year ago because every time it inched lower, investors swooped in looking for bargains and soon sent them higher again. With Wall Street's quarterly earnings season more than half-way through, 78.3% of the S&P 500 companies that have reported so afar have beaten profit expectations, above the 72% beat-rate in the past four quarters. All of the Nasdaq's gains for 2018 were also wiped out.

The U.S. Stock market opened with an increase Friday after a rollercoaster week that saw both the Dow Jones industrial average and S&P 500 dramatically plummet. Germany's DAX lost 2.6 percent while France's CAC 40 ended down 2 percent.

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By 12:54 p.m. ET it was down 1.7 percent on the day and 11.1 percent since highs hit on January 26.

Investors are weighing whether the sharp swings are the start of a deeper correction or just a temporary bump in the prolonged bull market. Japan's Nikkei 225 fell 508 points, or 2.32 percent, to 21,382, and China's Shanghai composite sank 4.02 percent to 3,130. "We're monitoring the stock markets, they are functioning very well and we continue to believe in the long-term impact of the stock markets", Mnuchin said.

The economy is strong, but investors are anxious about inflation, and the possibility that the Federal Reserve will raise interest rates faster than expected to fight it.

Few big companies emerged unscathed, with Dow giants Boeing and Caterpillar losing around five percent, around the same range as tech titans Amazon and Facebook.

Airstrikes pound rebel region of Syria; 55 dead
The UN said it had a plan to reach 700,000 people with relief in the next two months, if it can get the permission to proceed. The White Helmets said airstrikes targeting the village of Termala in Idlib on Tuesday killed three people.

Financial analysts regard corrections as a normal event but say the latest unusually abrupt plunge might have been triggered by a combination of events that rattled investors. Those include worries about a potential rise in USA inflation or interest rates and whether budget disputes in Washington. Stocks over the long term create more wealth than fixed-income bonds, but they are more volatile and have more risk. The yield on benchmark 10-year US Treasuries, which tends to be the driver of global borrowing costs, was hovering at 2.85%, set to end the week little changed since hitting a near a four-year high of 2.885% Monday. Employers are hiring at a healthy pace, with unemployment at a 17-year low of 4.1 percent. The housing industry is solid and manufacturing is rebounding. That's good for the economy, but investors anxious it will hurt corporate profits and that rising wages are a sign of faster inflation.

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