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frozenmail.net February 19, 2018


Dow Jones nosedives more than 1000 points as market reversal grows

09 February 2018, 08:22 | Virginia Santiago

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US stocks struggle to stabilize after entering'correction

The local currency was trading at 77.98 USA cents at 0700 AEDT on Friday, from 78.25 on Thursday. Keep in mind to update your bookmarks.

After more than a year of steadily climbing, stocks spent the past five trading days all over the board.

Shares were lower in all Asian markets after Wall Street officially began its first correction in two years, though losses were moderate with no sign of panic selling.

Following the latest slide, the key indexes are down more than 10 percent from their January 26 all-time highs, meaning the market is now technically in correction territory.

The Dow Jones Industrial Average dropped by 1,032 points on Thursday, or 4.15 percent, closing at 23,860.46.

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

The benchmark S&P 500 lost 100 pints, or 3.75%, while the tech heavy Nasdaq lost 274 points, or 3.9%.

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.

"We certainly could be looking at a market that's going to have to get more comfortable with the potential for a higher rate of inflation and potentially higher interest rates".

Everything from Eagles vs. Patriots as it happens
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The Dow plummeted more than 1,000 points - the second time this week it fell more than four figures - confirming many analysts' predictions stocks would remain volatile as the market tries to rebound from a historic, ongoing sell-off. Other benchmark indexes kept their losses below 2 percent.

The index settled 1,175.21 points, or 4.60 percent lower while the S&P 500 slumped 4.10 percent on Monday, both erasing 2018's gains. It was up as much as 349 shortly after the opening bell. The S&P 500 closed at 2,681.66 for a loss of -13.48 points or -0.50%.

The Dow fell a record 1,175 points on Monday but rallied back on Tuesday to close the session up 568 points. The 10-year government securities reached 2.845% at 16:02 local time in the United States.

United States 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. The Dow stands down about 9.3% from its all-time high. The market briefly recovered earlier in the week before falling again Thursday.

Analysts speculated that the move was in part due to the strong January jobs report, which showed that wages grew at the fastest pace in eight years.

ANALYST'S VIEW: "Risk sentiment continues to be wobbly in markets, with US equities notching a loss at the close, while Brent prices fell sharply to $65 overnight", Mizuho Bank said in a daily commentary.

Sell-offs around the world have been pinned partly on concerns over higher interest rates.

New York Federal Reserve President Bill Dudley told Bloomberg News on Thursday that if the US economy keeps getting stronger the central bank may be justified in raising rates four times this year.



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