Wednesday, 15 August, 2018

Wall Street gaining as volatility eases

Trader Gregory Rowe works on the floor of the New York Stock Exchange on Friday Trader Gregory Rowe works on the floor of the New York Stock Exchange on Friday
Orlando Vargas | 10 February, 2018, 02:12

As of the close of the market on Thursday afternoon, the two most watched stock indexes, the Dow and the Standard & Poor's 500, have dropped 10 percent from their all-time highs, set January 26. Wall Street has been expecting three rate hikes at most. Germany's DAX was unchanged.

Chinese markets fell despite unexpected strongly trade data Thursday.

"The psychology of the market changed today".

"That is not to say that we won't see further falls in coming days, but in an environment where growth is good and earnings are expected to rise globally, there are decent underpinnings", said James Knightley, chief worldwide economist at ING. Investors anxious 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 anticipates that more government spending will force the Treasury Department to borrow more money by selling additional bonds. Amazon rose 2.2 percent.

The mood was darkened by a warning from the Bank of England that the pace of interest rate increases could accelerate in the United Kingdom if its economy remained on its current track. The S&P 500 dropped 100.66 points, or 3.75 percent, to 2,581.00.

Some believe the market declines are a positive as constant economic gains could push the Federal Reserve to increase interest rates now resting at 1.7 percent.

The Standard & Poor's 500 stock market, a broader market gauge that is a core holding in 401 (k) plans, also fell into correction terrritory. Facebook and Boeing have both fallen sharply.

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Even with the two-day bloodletting, the Dow is still up 21 per cent in the past 12 months and 272 per cent since the beginning of the bull market in 2009.

Market insiders were still coming to terms with Monday's chaotic session, in which the blue-chip index lost more than 1,000 points in about an hour at one stage on the way to its biggest point drop ever.

"We may have seen the worst, but it's too early to say for sure". Neither index has closed in a correction in two years.

The last time the market had a correction was two years ago, which is seen as an uncommonly long time. "I believe it's just a correction in the market", said Roti. The housing industry is solid. But such calm is unusual, and stocks overheated. But with a strong economy comes concern over inflation and rising interest rates, which can affect corporate profits. The euro dipped to $1.2392 from $1.2399.

Traders work on the floor of the New York Stock Exchange (NYSE) moments before the Closing Bell on February 8, 2018 in New York City.

WELLINGTON: The S/NZX50 Index fell 0.2 per cent, to 8177.14.

Brent crude, used to price global oils, lost 58 cents to $64.23 in London. It retreated 70 cents on Thursday to $68.81.

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