Wednesday, 15 August, 2018

USA stocks open higher, but on track for steep weekly losses

Dow Jones drops AFPRising inflation could lead to a hike in interest rates in the United States
Orlando Vargas | 11 February, 2018, 07:03

The blue chip average suffered its second 1,000-point drop in a week on Thursday. Both were down a little over 10 percent from the record high reached January 26 before Friday's gains pulled them both out of correction. For the week, the Dow gave up 5.2% - its steepest loss since January 2016.

Panic-selling is always a bad move, and smart investors are looking for opportunities to get into attractive investments at lower prices.

Sue Noffke, UK equities fund manager at Schroders, told the that given how well stock markets have been doing for the past few years, the sell-off this week was not that unusual. (This doesn't include 12 other corrections that blossomed into full bear markets with declines of 20% or more.) The peak-to-trough declines of corrections averaged 14% over five months, and it took only another four months for the market to fully recover.

Earlier, the Shanghai Composite Index tumbled as much as 6.0 percent to its lowest since May 2017, and the blue chip CSI300 index dived 6.1 percent. To put that in perspective, investors lost only around $500 billion in stock market wealth in 1987's Black Monday market crash.

Stock values had been based on low interest rates and low inflation, said Michael Arone, chief investment strategist at State Street Global Advisors, an investment management firm.

Stocks are not falling because investors have doubts about the economy. Expedia shares sank 19 percent after the online travel services company said costs would outpace revenue growth this year.

Major economies around the world are growing in tandem for the first time since the Great Recession, and corporate profits are on the rise. The breakdown of stock markets has increased the worries of increasing inflation and interest rates.

GOP Sen. Flake Guarded About Senate Passing Immigration Deal
At this point, Flake told reporters on Thursday, it's unclear what coalitions will develop and which amendments will gain steam. The Trump administration rescinded the policy in 2017, creating a March 5 deadline for protections from deportation to end.


United, They Fall: Korean Hockey Team Loses, 8-0, in Olympic Debut
North Korea's leader Kim Jong-un has extended a rare invitation to South Korea's President Moon Jae-in to visit Pyongyang. The Olympic Opening ceremony is one of the most controlled security events there is.


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The Battleford Court of Queen's Bench jury began deliberating Thursday afternoon and returned its verdict Friday evening. She repeated something other Boushie supporters also said Friday night: that she hoped there would be an inquiry.


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. The housing industry is solid and manufacturing is rebounding. Oil has not been below $60 a barrel since December 28. Within the first 26 days of this year, the Dow had already surged 7.7 percent.

In small-caps, the Russell 2000 Index closed at 1,480.42 for a gain of 16.62 points or 1.14%.

Consumer discretionary stocks slipped 0.8 per cent, with Canada Goose down 4.5 per cent and Dollarama off 3.25 per cent.

The global economy is expecting 4 per cent GDP growth for the year, and the last measures we have for the United States and Australia respectively are 2.6 per cent (fourth quarter 2017) and 2.8 per cent (third quarter 2017). Copper fell 5 cents to $3.03 a pound.

In Europe, Germany's DAX fell 1.2 percent, while France's CAC 40 lost 1.4 percent.

The dollar fell to 108.84 yen from 109.42 yen. Britain's FTSE 100 shed 1.1%.

Motley Fool co-founders Tom and David Gardner have spent more than a decade beating the market. A 3 percent yield is looked upon by investors as a motive for people to flee the risk of stocks for the relative safety of bonds.

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