Stocks Tumble, As Dow Ends More Than 1000 Points Lower

Wall Street Roller Coaster: Dow Jumps Higher After Plunging At Open

Wall Street Roller Coaster: Dow Jumps Higher After Plunging At Open

The pullback came amid another spurt higher in Treasury bond yields, a focal point for investors concerned that the Fed may accelerate rate hikes if inflation rises suddenly.

The Dow Jones Industrial Average finished 1,033 points lower in another day of volatile trading.

CNN-For the second time this week, the Dow plunged more than 1,000 points.

USA equities suffered another sell-off yesterday (8 February) to hit 2018-lows with the Dow Jones and S&P 500 both entering what is deemed correction territory. If RVOL is less than 1 it is not In Play on this trading day and Investors may decide not to trade it.

The Dow Jones industrial average gained 567 points, or 2.3 percent, recouping almost half of the 1,175-point plunge it took the day before. It's switched between gains and losses several times since then.

Following relatively little change on Wednesday, the index once again experienced a drop Thursday, closing at 23,860, a decrease of 1,032 or about 4 percent.

A 10 percent drop from a peak is often referred to as a "correction" while a bear market is generally defined as a 20 percent or so drop in indexes.

Corrections are seen as entirely normal during bull markets, and even helpful in removing speculative froth and allowing new investors to buy into the market at lower prices. But a steady climb that lasted more than a year has given way to two weeks of shaky selling.

Technology companies accounted for most of the broad gains, outweighing losses in energy stocks, which slumped as USA crude prices declined, sending the price of oil below $60 a barrel for the first time this year.

Equities for years have looked relatively attractive compared to the low yields offered by bonds, but the rise in Treasury yields has diminished the lure of stocks, especially with stock valuations at historically expensive levels.

Knicks Playoffs Hopes Thwart As Center Kristaps Porzingis Tears ACL
He had missed at least 10 games in each of his first two seasons and will finish with only 48 games played in this one. The Knicks got back a pair of second-round picks along with forward Johnny O'Bryant, who Perry said would be waived.

The three indexes are now more than 10 percent below their record highs hit on January 26. Strong economic performance and prospects with the then-recent United States tax reforms had fuelled a bull market which saw the measure's value rocket up 1,000 points in 12 days. Higher rates act like a brake on the economy by slowing down borrowing and lending.

US stocks started to tumble last week after the Labor Department said workers' wages grew at a fast rate in January. "Things haven't quietened down", said Jason Ware, chief investment officer and chief economist at Albion Financial Group in Salt Lake City, Utah.

"A lot of people have been forced to put on positions that will need to be either wound down or rolled forward", Cherry said. Experts do think the global economy will keep growing this year even though that is likely to bring more inflation.

Benchmark U.S. crude lost 77 cents, or 1.3 percent, to $60.38 per barrel on the New York Mercantile Exchange. Brent crude, the global standards, lost 57 cents to $67.06 a barrel in London. The TSX is down 8.2 per cent from its all-time high of 16,412.94, set on January 4. Natural gas gave up 1 cent to $2.70 per 1,000 cubic feet. Natural gas added 1 cent to $2.76 per 1,000 cubic feet. Sterling was up 0.3% as at 9.20am (GMT) today.

In Asia on Friday, Japan's Nikkei 225 shares index closed down 2.3% while China's Shanghai Composite slumped 4.1%.

In early morning trading in Hong Kong, the Hang Seng was down 3.6% while Tokyo's Topix had fallen 2.5%.

In Europe, Germany's DAX was down 2.1 percent and the CAC 40 in France lost 2 percent.

The S&P 500 index showed 3 new 52-week highs and 2 new lows, while the Nasdaq recorded 26 new highs and 33 new lows. The March copper contract was down one cent to US$3.08 a pound.

The dollar fell to 109.20 yen from 109.70 yen. The euro held steady at $1.2248. Snapchat owner Snap (SNAP.N) soared 37.8 percent after it reported surging growth in users and revenue in its latest quarter.

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