March 24, 2018

Dow plunges 1000 as market swoons again

09 February 2018, 09:05 | Virginia Santiago

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Markets Right Now Stocks open higher on Wall Street

This also puts it in what is known on Wall Street as a "correction".

Sue Noffke, UK equities fund manager at Schroders, told the BBC that given how well stock markets have been doing for the past few years, the sell-off this week was not that unusual. Employers are hiring at a healthy pace, with unemployment at a 17-year low of 4.1 percent. Rate-sensitive utilities, down 1.5%, led decliners.

Major indexes in Asia and Europe fell following Monday's 1,175-point drop in the Dow Jones industrial average.

The index of 30 big-name USA companies ended up at 24,912. After numerous turns higher and lower, it wound up with a gain, coincidentally, of 567.

Standard & Poor's 500-stock index ended up 1.7 percent, while the Nasdaq was up 2.1 percent. Germany's DAX declined 2.6 percent.

Britain's 10-year yield climbed seven basis points to 1.617 percent, the biggest surge in five weeks. By Tuesday, it was once again slightly higher for 2018. After bond yields fell as stocks sold off during late morning trade, rates eventually moved higher, the opposite of what investors usually expect from bonds amid a stock market decline.

The Dow closed 1,033 points lower on Thursday, the second day of the week it has experienced a four-digit loss. Monday's 4.6% drop did not even make the all-time top ten. The selling spread to overseas markets.

The Dow Jones industrial average plunged more than 1,000 points as a weeklong market swoon continued. Boeing and United Tech gained about 1.5 percent, leading the boost for the Dow, while Amazon's 1 percent rise pushed up the S&P.

Traders are still braced for more volatility as they try to figure out if the swings of the past few days are the start of a deeper correction or just a temporary blip in the USA market's nine-year bull run. "I don't know if it's over, but a market range may be established". The markets have been unusually calm since late 2016, and he said investors were betting that would continue. "I think the fundamentals are quite strong".

Economic Survey Draws Attention to 10 New Economic Facts on Indian Economy
During the 2007-08 to 2016-17 period, domestic passenger traffic registered a compound annual growth rate (CAGR) of 9.89 per cent. The survey said the outlook for 2018-19 will be determined by economic policy in the run-up the next national election.

The sell-off in US stocks this week spread to markets in Asia and Europe, reviving use of the term "contagion", which was widely used during the European debt crisis early this decade.

The euro fell 0.2 percent to $1.2244. The Nasdaq composite was little changed at 6,968.

The Dow Jones industrials are down 500 points, extending the market's losses.

It's the fourth ugly day in global markets.

Pressure on U.S. stocks again came from the Treasury market, where another weak auction put gave bond bears ammunition, sending the 10-year yield as high as 2.88 per cent. Equity investors took the signal to mean interest rates will push higher, denting earnings and consumer-spending power.

An improving outlook internationally is adding to pressure on global fixed income markets. A key gauge of global stock indexes was down almost 1 percent.

United States stocks rallied Tuesday as a late surge helped them regain nearly half their losses from the day before, when they had their biggest plunge in 6 1/2 years. If rates rise quickly, that argument becomes much less persuasive.

The Dow recovered some of its early plunge and was down 127 points, or 0.4 percent, at 24,255. The S&P 600 Index closed at 918.54 for a gain of 0.13 points or 0.01%.

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