The Dow More Than 1000 Points Down For the Second Time
02:54, Feb 10, 2018
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The Dow Jones Industrial Average fell 19.42 points, or 0.08 percent, to 24,893.35. The index is down 6.7 percent in the year to date, making it the worst performer among top European bourses.
Thursday's declines mean the Dow and S&P 500 have now fallen by more than 10% from the record highs set in January, a threshold analysts call a correction.
At its lowest point on Tuesday, the Dow was off 10.7 per cent from its Jan 26 record.
Major indexes in Asia and Europe sank Tuesday and US markets started sharply lower, zigzagging between gains and losses.
As a result, the biggest losses went to high-dividend companies such as utility and real estate companies, which investors often buy as an alternative to bonds.
The VIX on Tuesday had hit a more than two-and-a-half year high above 50, after trading, on average, below 20 for months. Other benchmark indexes kept their losses below 2 percent.
Ten-year Treasury yields now stand at 2.8%, almost their highest point since 2014. Again, unemployment and the labor market are very strong. MGM Resorts International was down $1.18, or 3.4 percent, to $33.50. The Nasdaq composite edged up 10 points, or 0.2 percent, to 7,061.
Global markets also fell. Tokyo's Nikkei 225 lost 2.3 percent to 21,382.62 and Hong Kong's Hang Seng retreated 3.1 percent to 29,507.42.
Also underpinning yields, USA congressional leaders Wednesday reached a two-year budget deal to raise government spending by nearly $300 billion.
USA stocks started to tumble last week after the Labor Department said workers' wages grew at a fast rate in January.
Global stock markets have been hit by concerns about the strength of the United States economy, and its impact on inflation, prompting in turn speculation about interest rate hikes.
Among the sectors that have performed poorly on Wall Street this week are banks, homebuilders and tech companies.
The markets have been unusually calm since late 2016, and he said investors were betting that would continue.
Yields climbed after the Bank of England said interest rates probably need to rise sooner, adding to expectations of reduced central bank monetary stimulus globally.
"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.
What is a stock market correction?
It's still up 15 percent over the past year. The last bear market was during the 2008 financial crisis. The housing industry is solid and manufacturing is rebounding. That combination usually carries stocks higher. Many investors justified that by pointing out that interest rates were low and few alternatives looked like better investments. And rates have run up fast. The euro dipped to $1.2251 from $1.2263. The Nasdaq was down 125 points, or 1.8 percent, to 6,651. Brent crude, used to price worldwide oils, slid 94 cents, or 1.5 percent, to $63.87 in London.
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