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07 Febrero 2018, 06:21 | Martinez Canez
Stocks plunge, then mostly recover as wild ride continues
European indexes were down about 2 percent, while Japan's Nikkei lost 4.7 percent. Hong Kong's Hang Seng skidded 5.1 per cent and South Korea's Kospi declined 1.5 per cent.
On Friday, the Dow Jones industrial average fell by 666 points, as if scripted by a devilish hack, which was followed by an even steeper decline Monday, amid erratic trading.
The third idea to understand is that any dramatic drop or rise in the stock market affects relatively few people in the U.S. Many families have no savings, and, among those that have saved, not all have invested in the stock market.
"The market internals looked good heading into the decline, to there wasn't much warning".
"The stock market is up significantly. since President Trump was elected".
Frequently when investors become more pessimistic about the economy, stocks fall and the yield on bonds falls as well.
"So far we are seeing none of that", Oliver said.
Currency markets in particular, have largely remained unaffected by Monday's market moves, with traditional safe havens such as the Japanese yen JPY= and Swiss franc CHF= benefiting only marginally. The market had run up too high, too fast and needed to let off some steam, they say.
Stock exchanges around the globe felt ripple effects Tuesday morning from the drop on Wall Street a day earlier. That sparked fear that the feds could raise the interest rate when it meets next month. Many such public companies also have a long history of paying dividends. Brent crude, the benchmark for worldwide oil prices, rose 36 cents to $67.22 a barrel in London. On Monday, it gave up $1.30 to $64.15 per barrel.
USA crude fell 0.39 per cent to $63.90 per barrel and Brent was last at $67.14, down 0.71 per cent.
"People are dealing with the shock of seeing real inflation for the first time in a while", said Bruce McCain, chief investment strategist at Key Private Bank.
"It's like a kid at a child's party who, after an afternoon of cake and ice cream, eats one more cookie and that puts them over the edge", said David Kelly, the chief global strategist for JPMorgan Asset Management.
The U.S. dollar remained resilient despite the stock market sell-off, which at one stage Monday saw the Dow shed 1,597 points. On Monday, the Dow had its biggest percentage decline since 2011, dropping 4.6 percent.
Away from the top tier, the FTSE 250 Index suffered a drop of more than 2.1% or 427.93 points to 19,262.56 points.
Torsten Slok, chief worldwide economist at Deutsche Bank, told the Financial Times: "Markets are coming to the conclusion that the US economy is close to overheating and therefore that the risks of inflation are bigger than the risks of a recession". The Nasdaq composite was down 6 points, or 0.1 percent, to 6,956.
Payments linked to the Deepwater Horizon oil spill hit 300 million dollars (£214.6 million) over the period, pushing the total bill for 2017 to 5.2 billion dollars (£3.7 billion). That pattern happens because a weaker economy implies not just lower corporate profits (hence the falling stock indexes) but lower inflation and continued low interest rates from the Federal Reserve (which implies bonds are more valuable and their yield should fall).
The price action was similar for the S&P 500 Index (SPX - 2, 695.14) and Nasdaq Composite (IXIC - 7,115.88). As yields rise, bonds offer better returns, which makes them more attractive to investors compared with risky stocks. After numerous turns higher and lower, it wound up with a gain, coincidentally, of 567.
In blue chip stocks, Tesco and EasyJet were the only two to end the day in positive territory. Those stemmed from the U.S.jobs report on Friday.
Stocks closed sharply higher on Wall Street after another turbulent day of steep ups and downs.
A "healthy cash pile" means that "large bond holders are not forced to sell in the weakness and push prices lower", he added.
In other commodities trading, copper fell 3 cents to $3.19 a pound.
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