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Dow drops by more than 1000 points twice in week
09 Febrero 2018, 07:28 | Dolorita Barahona
Dow drops by more than 1000 points twice in week
Eight stocks fell for every one that rose on the New York Stock Exchange and 490 of the companies in the S&P 500 took a loss.
Japan's Nikkei 225 suffered the biggest losses of the day with a 4.73 percent slide, though it was down as much as 6.71 percent earlier in the session.
Lutz said traders were finding bargains in the market on Tuesday in home-builder and some tech stocks, including Apple, which had seen its share price fall 10 percent from a record high of $180 on January 19.
With Thursday's losses, the Dow and S&P 500 have now fallen more than 10 percent from their peaks, meeting the official definition of a "correction" in financial parlance and marking an about-face from the bullishness of early 2018.
Many investors have been anxious that creeping signs of higher inflation and interest rates could derail the market's record-setting rally. Hong Kong's Hang Seng index rose 0.6 percent to 30,512.92, while the Shanghai Composite index lost 0.6 percent to 3,290.62. MGM Resorts International was down $1.18, or 3.4 percent, to $33.50. Check back for updates.
The losses are piling up, but one Wall Street pro says the financial pain must be put in proper perspective.
The turmoil in global stock markets has echoes with what's been going on with bitcoin, the hugely volatile virtual currency, which rose exponentially to around $20,000 previous year before a precipitous slump.
A correction is less severe than a bear market, when stocks decline 20% from their recent highs. Many stock market investors appear to have been betting on a return to a so-called Goldilocks economy, with rising growth and low inflation.
Asian markets plunged on Tuesday as investors dumped stocks following heavy falls in the US.
Many in the markets think assets like bitcoin are introducing a layer of uncertainty that has contributed to the retreat in stocks.
The Cboe Volatility Index, known as the VIX, which is the most widely followed barometer of expected near-term volatility for the S&P 500 index, closed lower, a day after it hit its highest level since 2015. Strong economic performance and prospects with the then-recent United States tax reforms had fuelled a bull market which saw the measure's value rocket up 1,000 points in 12 days.
A wild day for the Dow Jones on Monday caused panic to spread across global markets. That strong pay data sparked fears of coming wage inflation, which intensified worries that the Federal Reserve could hike rates more often this year than the three times they have originally signaled.
-West Texas Intermediate crude dipped 1 percent to $63.43 a barrel. Brent crude, the benchmark for global oil prices, lost 76 cents, or 1.1 percent, to $66.86 a barrel in London. Natural gas added 1 cent to $2.76 per 1,000 cubic feet.
Falls were widespread in Europe, with Germany's Dax down 2.6% and France's Cac 3%.
CURRENCIES: The dollar edged up to 109.38 yen from 109.33 yen. The euro edged lower to $1.2365 from $1.2369. Lower interest rates hurt banks because they can not charge as much money for mortgages and other types of loans.
US indices ended lower in choppy trade
The S&P 500 index showed 2 new 52-week highs and no new lows, while the Nasdaq recorded 13 new highs and 21 new lows. The materials group, which includes precious and base metals miners and fertilizer companies, lost 1.2 per cent.
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How major US stock indexes fared on Wednesday
Nine of the 11 major S&P sectors were lower, with the industrials index's 0.57 per cent fall in early trade leading the decliners. The market began falling in the first few minutes of trading, and the pace of the declines worsened as the day wore on.