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.

Kemba Walker Reportedly Replaces Kristaps Porzingis in 2018 NBA All-Star Game
Walker became Charlotte's all-time leader in 3-point field goals on February 4, surpassing the previous high of 929 by Dell Curry. Walker is an All-Star again, though he likely didn't expect it to happen by way of another man's demise.

More cold, wintry precipitation could be expected this weekend
The service predicts an accumulation of anywhere between 3 and 10 inches Thursday , depending on where the notice was posted. Saturday's forecast calls for cloudy skies with a high of 22 and a 70 percent chance of snow, with 1 to 2 inches expected.

Senate Leaders Reach 2-Year Budget Deal
Congress has managed to pass its spending Bills on time in only four of the past 40 years, said researchers. Earlier, US Congress missed the deadline to renew funding for government needed to prevent the shutdown.

"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.

Related News:



Most liked

Apple AirPod Allegedly Explodes, Apple Investigating
NBC News reported yesterday that "Jason Colon, of Tampa, was listening to a dance mix at the LA Fitness on 4th Street in St. However, one man from Florida claims that his AirPods "blew up" on him at the gym while listening to some dance mix.

Evidence of Rohingya massacre in Myanmar
Wa Lone and Kyaw Soe Oo face up to 14 years in prison for working on report on massacre by Myanmar security forces. The journalists' detention has prompted outcry from governments and human rights groups around the world.

Jill Messick, Producer and Former Rose McGowan Manager, Dies at 50
Recently, Weinstein's lawyer, Ben Brafman, released an email Messick sent him allegedly without her permission. She was McGowan's manager in 1997 during the time the actress claims Weinstein raped her, Fox News said .

Boston Herald Apologizes For 'Erroneous Report' On Brady's Contract
Sports Boston's Tom Curran called the report " off the reservation " and it appears his initial assessment was spot on. It began a few weeks ago, as they discussed Tom Brady's thumb and Ty Law's Hall of Fame candidacy by text.

$0.54 EPS Expected for Government Properties Income Trust (GOV)
ValuEngine upgraded Medical Properties Trust from a "hold" rating to a "buy" rating in a research note on Thursday, November 9th. However the low revenue estimates for the company are $203.54 Million versus high revenue estimates of $206.87 Million.

Authorities say multiple officers shot south of Atlanta
One is in serious condition, according to McBrayer, when a bullet struck him in the stomach about two inches below the vest. Both sheriff's deputies were wearing bulletproof vests at the time of the incident, McBrayer said.

Twitter hits all time high, receiving first-ever profit
Twitter said in a shareholder letter it had stepped up efforts to reduce spam, automated accounts known as bots and fake accounts. Even more worrying for Twitter , the number of active monthly USA users has actually shrunk from 69 million to 68 million.

Lawmakers face deadline for producing new Congressional map
A similar drama is unfolding in North Carolina, where state and federal courts have ruled , in separate cases including a U.S. If Republicans and Democrats can not agree, the new congressional map would have to be drawn by the state's Supreme Court.

Security Beefed up in Jammu And Kashmir on Afzal Guru's Death Anniversary
Meanwhile, reports of clashes were reported from Sopore, HMT Srinagar , Machowa-Nowgam railway track, and Memander in Shopian. The delegation members while deliberating paid rich and glowing tributes to Afzal Guru on his fifth martyrdom anniversary.

Stocks Repeatedly Sink and Recover as Wild Ride Continues
IRobot, which makes Roomba vacuums, plummeted 32 percent after projected a smaller annual profit than Wall Street was expecting. The index, which is comprised of 30 big-name USA companies , was down 108 points, or 0.4 percent, to 24,237 as of 11:25 a.m.

House Follows Senate In Approving Spending Bill That Reopens Government
Bipartisan negotiations have yet to reach a deal on an overhaul of America's immigration. The vote followed the Senate's clearing of the legislation from a vote of 71 to 28.

DACA's future is uncertain due to disagreements over immigration reform
Now he's leaning into another confrontation - unless he gets his desired immigration reforms and border security funding. But Republicans are calling for funding to be included for the border wall, a contentious issue for Democrats.

Windsor's unemployment rate sees significant drop
Porter said weak jobs report in January make it more likely the Bank of Canada will move slowly on more hikes to interest rates. But all the losses last month were in part-time job which decreased by 137,000 while full-time jobs rose by 49,000.

Japanese school mulls $800 Armani uniforms for elementary students
Besides the cost, critics say uniforms are part of rigid school rules that could infringe on diversity and children's rights. Finance Minister Taro Aso agreed that it could "be severe if a student cannot afford to pay" for the expensive outfits.

Flu Season, Still Worsening, Now As Bad As 2009 Swine Flu
The latest FluView data found that flu-related deaths rose to 10.1% - far above the epidemic threshold figure of 7.3%. Hospitalization for the flu is the highest its been since the CDC began tracking that information 10 years ago.