Thursday, 24 May, 2018

Dow turns 567-point loss into 567-point gain as stocks rally

GETTYMarkets around the world are suffering heavy losses GETTYMarkets around the world are suffering heavy losses
Orlando Vargas | 10 February, 2018, 06:22

After its 1,175-point nosedive Monday, the Dow Jones industrial average lost 567 points right after trading began.

"A correction was imminent, and once the US market started to show weakness, the fall has been extensive, especially for mainland financials and property stocks", he said. "The thing to watch is if we see the 10-year Treasury yield move, it will cause more pain in the stock market".

Those losses came as little surprise, with moves in major U.S. markets providing the cue for global investors.

Boeing (BA.N) and United Tech (UTX.N) rose about 1.5 percent, providing the biggest boost to the Dow, while Amazon's (AMZN.O) 1 percent rise helped lift the S&P.

The Standard & Poor's 500, the benchmark for many index funds, is also 10 percent below the record high it set two weeks ago. The Nasdaq was down 275 points to 6,777, a 3.90 percent decline.

Both the S&P 500 and the Dow sank more than 4 percent on Monday, their biggest falls since August 2011, as concerns over rising USA interest rates and government bond yields hit record-high valuations of stocks.

Despite the turbulence, Tuesday's trading looked similar to the patterns that have shaped the market for the previous year: investors bought companies that do well when economic growth is strongest.

Despite the heavy losses this week, the Dow remains up 36% since Trump's election. Those include worries about a potential rise in US inflation or interest rates and whether budget disputes in Washington.

On Monday, February 5, 2018, the Dow plunged by nearly 1,600 points and this decline is the biggest decline in points seen in history.

'The Wire' & 'House of Cards' Actor Passes Away at 59
Reg won his first Emmy Award for his portrayal of Freddy, the owner of Frank Underwood's favorite BBQ restaurant . Show creator David Simon paid tribute to Cathey on Twitter , calling him a "masterful actor".


76ers rookie Markelle Fultz might not play again this season
Colangelo bolted from the podium just as he was asked for a timeline on the reintegration of Markelle Fultz . Since then, he's been dealing with a shoulder injury that requires Fultz to "retrain" his jump shot.


Timberlake takes the Super Bowl LII halftime show stage
Fallon hosted the two performers in a post-game broadcast as they finally offered up a live television version of their new song. The Super Bowl halftime show is the most widely viewed televised event of the entire year, according to Nielson ratings.


The S&P 500 last confirmed a correction in January 2016, when it fell 13.3 percent amid concerns about a slump in oil prices. It lost 1,032 points, or 4.2 percent, to end the day at 23,860.

The Dow Jones industrial average briefly sank 500 points in afternoon trading after surging more than 349 points earlier in the day.

All major sectors were down Thursday, with technology, real estate and financials leading the plunge, signaling investor unease around interest rates and the prospect of higher inflation.

The market's main gauge of volatility, the CBOE Volatility Index, was at 30.5 points on Friday, down 3 from Thursday and well below the two-and-a-half-year high of 50.30 on Tuesday. Brent crude gave up 70 cents, or 1.1 percent, to $64.81 per barrel.

The yield on the 10-year Treasury bond ticked higher again on Thursday morning, to 2.88%.

Investors anxious that rising wages will hurt corporate profits and could signal an increase in inflation that could prompt the Federal Reserve to raise interest rates at a faster pace, putting a brake on the economy.

Wall Street tumbled back into sell-off mode Thursday (Feb 8), with the Dow plunging more than 1,000 points as worries over interest rate hikes continued to drag the market down. When bond yields rise, those stocks become less appealing to investors seeking income.

"While today would be crucial in seeing if the bulls can wrestle back control for Asian markets, it does appear that we have finally entered a period of increased volatility", says Jingyi Pan, market strategist at IG in Singapore. Hong Kong's Hang Seng skidded 5.1 percent and South Korea's Kospi declined 1.5 percent. The Nasdaq was up 48 points, or 0.7 percent, to 6,825.

CURRENCIES: The dollar recovered to 109.42 yen from 108.61 yen late Tuesday. The euro slipped to $1.2263 from $1.2276.

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