Dow drops more than 1000 points

Dow drops more than 1000 points

THE Dow shot up 2% as a rollercoaster session approached its finale yesterday afternoon, rebounding from the huge losses of the prior session and a big drop at the open.

Thursday's plunge puts the stock market into correction territory, with stocks down about 10 percent from their record high on January 26, according to Bankrate.com.

Wall Street shares slid sharply again on Thursday, compounding losses on the Dow Jones Industrial Average and S&P 500 which started last week.

The Dow was up 264 points, or 1.1 percent, at 24,122.

The VIX on Tuesday hit a more than two-and-a-half year high above 50, after trading, on average, below 20 for months. This week's Treasury auctions have underwhelmed, raising the prospect that the debt selloff could steepen. "The high valuation is going to be more of a challenge, given rising rates", said Stephen Wood, chief market strategist, North America for Russell Investments. "They could be in full panic mode right now".

The S&P 500 posted three new 52-week highs and three new lows; the Nasdaq Composite recorded 28 new highs and 42 new lows. "Is the bond market telling us something we don't know?"

In Europe, Germany's DAX fell 2.3 percent and the CAC 40 in France lost 2.3 percent. The Dow fell 1,032.89 points Thursday to 23,860.46, which is 10.4 percent below its record close of 26,616.71 set on January 26.

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"It's been a insane period and today the market is probably just trying to find some footing", said John Lynch, chief investment strategist at LPL Financial in Charlotte, North Carolina. But a steady climb that lasted more than a year has given way to two weeks of shaky selling. But on Wall Street, it raises fears that inflation will finally pick up, and that the Federal Reserve will have to raise interest rates faster to fight it.

New York Federal Reserve President Bill Dudley told Bloomberg News on Thursday that if the US economy keeps getting stronger the central bank may be justified in raising rates four times this year. A 3 per cent yield is looked upon by investors as a motive for people to flee the "risk" of stocks for the relative safety of bonds.

U.S. Treasury bond yields have been so low that many stock dividends are paying better.

The Dow plunged more than 1,100 points on Monday, in its biggest daily point decline ever, as a stronger-than-expected U.S. jobs report stoked fears that interest rates would be hiked quicker than previously anticipated. But such calm is unusual, and stocks overheated.

That's good for the economy, but investors anxious it will hurt corporate profits and that rising wages are a sign of faster inflation.

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.

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