MARKET MELTDOWN: Global Markets Reel, But Dow Turns Positive

Dow falls 500 points as rising Treasury yields drag down market

The benchmark S&P 500 is down 3.3 per cent to 2,786.

The biggest driver for the market over the last week has been interest rates, which began spurting higher after several encouraging reports on the economy.

Some analysts have blamed rising interest rates for the selloff. That will raise the cost of corporate borrowing and could drag on economic growth. Jitters about those companies have led to this short-term fall, too, while drops were felt throughout the market.

Stephen Innes of OANDA said that Trump's comments have put pressure on the dollar but "the severity of this equity rout could bring the hawkish Fed narrative into question".

"It's a risk-off environment as investors are focusing on spiking yields and taking profits off the table as they are concerned about whether the bull market is actually coming to an end", said Ryan Nauman, market strategist at Informa Financial Intelligence in Zephyr Cove, Nevada.

Sentiment also has been dampened by the spreading U.S.

"It is a ideal storm for technology right now with the tariff war with China and weaker demand for chips", Nauman said.

Apple gave up 4.6 percent to $216.36 and Microsoft dropped 5.4 percent to $106.16.

Wall Street stocks has plunged with major indices losing more than three percent in a sell-off prompted by the sudden jump in U.S. interest rates. It was at just 3.05 per cent early last week and 2.82 per cent in late August. In 1987, stocks dropped more than 20 percent on a single day-Black Monday, Oct. 19-after a strong rally crashed into the Persian Gulf turmoil and trade deficits.

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Stocks fell Wednesday as concerns about global economic growth and ongoing trade tensions continued to hang over Wall Street and after the bond market resumed a sell-off that started last week. The Dow Jones Industrial Average suffered its worst loss in eight months, falling 3.1 percent to 25,598.74.

The Dow gave up almost 828 points, or 3.15 percent, to 25,600.

Luxury retailers tumbled. Tiffany plunged 10.2 percent to $110.38 and Ralph Lauren fell 8.4 percent to $116.96. It has fallen 7.5 percent in just five days.

The S&P 500 was down 55 points, or 1.9 percent, at 2,824-on pace for its worst day since June. These sectors had been some of the top performers over the previous year, almost doubling the performance of the S&P 500. Silver dipped 0.5 per cent to $14.33 an ounce.

Francis Tan, an investment strategist at UOB private bank, believes the markets will likely pick up in the USA session.

The dollar fell to 112.59 Japanese yen from 113.05 yen late Tuesday. The euro rose to $1.1525 from $1.1496.

Benchmark US crude oil fell 2.4 per cent to US$73.17 a barrel in NY. The contract settled at $73.17 in NY.

The Nasdaq composite, which has a high concentration of technology companies, suffered its biggest loss in more than two years and has dropped nearly 8 percent since the start of October.

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