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US Markets Try to Rally After Monday's Plunge and Global Selloff

10 February 2018, 10:23 | Santos West

US Markets Try to Rally After Monday's Plunge and Global Selloff

Traders work on the floor of the NYSE in New York

USA stocks saw their biggest one-day fall in six years on Monday, as investor profit taking brought the market back down from record highs seen in late January, after benchmark bond yields rose to a four year high last week.

The Dow Jones industrial average plunged 1,033 points Thursday, its second-worst drop in history, extending its losses in the recent selloff to more than 10% and putting it officially into correction territory.

In the final hour of U.S. trading Thursday, the S&P 500 tumbled through 2,600 and the Dow failed to hold 24,000, levels they had jumped past just weeks ago.

Eastern Time. The Dow gained 282 points, or 1.2 percent, to 24,142.

Also on Monday, the Nasdaq Composite declined 3.8 percent to 6,967.53. "The last two weeks have provided that test for the bulls, and their response has been all-out retreat".

Technology companies, the leading sector over the past year, and banks fell the most. That meant Tuesday was likely to be one of the most watched days on the markets in years.

The fall surpasses a previous record 777.68 points drop on the Dow Jones during the financial crisis in 2008.

Germany's DAX 30 opened 2.9% lower while France's CAC 40 slumped 2.8%.

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The S&P energy index was up more than 0.4%, led by Anadarko Petroleum's 3.5% gain and an uptick in oil prices.

Asian markets fell more sharply. But by lunchtime heavy trading returned with the markets experiencing sharp swings.

The U.S. House of Representatives early on Friday approved a bill to fund the federal government through March 23 and to increase overall spending limits over two years, sending the legislation to President Donald Trump. It's safe to assume this is a reflection of what's happening on the United States market.

"Investors are fearful that inflation. will rise faster than expected due to the impact of a weak dollar on import prices and rising wages, and that as a result interest rates may also rise faster than expected", wrote Colin Moore, global chief investment officer at Columbia Threadneedle Investments.

After starting the year strong, last week was the worst week on Wall Street in two years, and the decline continued Monday.

In and of themselves, corrections aren't something for investors to panic about, according to experts.

Benchmark Treasury yields rose after the Treasury Department sold new 10-year notes to soft demand and the U.S. Senate reached a budget deal, possibly adding to pressure on stocks. Strong economic performance and prospects with the then-recent USA tax reforms had fuelled a bull market which saw the measure's value rocket up 1,000 points in 12 days.

Rick Meckler, president of investment firm LibertyView Capital Management, said: "It's over in terms of the severe down move we've seen but reminds us that we're kind of in an aftershock phase. However, our view remains that it's just another correction", said Shane Oliver of AMP Capital in a report. It's still up 15 percent over the past year.



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