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09 Febrero 2018, 11:57 | Dolorita Barahona
Stock Market drop more than a scare?
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.
"The colossal range on the USA indices sum up how irrational equity traders are at the moment, and while some go bargain hunting, others are fearful we could see another leg lower".
The biggest losses went to high-dividend companies including utility and real estate companies, as bond yields increased after a sharp drop on Monday.
The benchmark Nikkei dropped more than 1,600 points before recouping some losses to end the session down 1,071 points or 4.73 percent at 21,610.24, marking its steepest fall since June 2016.
USA stocks closed lower in an up-and-down session on Wednesday, dragged down by tech and energy shares, as investors adjusted to a more volatile market following wild swings of the past few sessions. The NASDAQ dipped 273.42 points, or almost four percent.
The Standard & Poor's 500 index, the benchmark most professional investors and many index funds use, dropped 4.1%, to 2,648.94.
At 10:09 am ET (15:09 GMT), the Dow Jones Industrial Average was up 228.25 points, or 0.92 per cent, at 25,141.02. "That basically means good news now is bad news".
Peter Kenny, independent market strategist, said large investors probably led the rebound as they picked up beaten-down stocks when the Dow entered correction. The markets have heated up in the past year, and some saw yesterday's downturn as a needed correction. The S&P 500 dropped over 1% the day Janet Yellen was sworn in and 2% the day Ben Bernanke took over.
Reitzes said that fundamentals certainly were not driving the "market turmoil".
Traders work on the floor of the New York Stock Exchange in New York, U.S., February 6, 2018.
But historically, pullbacks for stocks are normal, and investors shouldn't be surprised if stocks drop by 5 percent or even 10 percent before they begin rising again. It was a similar story in France and the United Kingdom, whose indices opened 3 and 2.5 percent lower respectively.
The stock market sell-off accelerated on Friday when the US Labour Department released employment numbers which showed stronger growth in wages than was anticipated.
Gains in industrial and consumer discretionary stocks led advances on the S&P and the Dow. Brent crude, which is used to price global oils, shed 73 cents to $66.89 per barrel.
The dollar rose to its highest in more than a week against a basket of currencies as traders piled back into the greenback amid the rout in stocks.
On Monday, the Dow finished down 4.6 percent, the biggest decline in percentage terms since August 2011, when investors were fretting over Europe's debt crisis and the debt ceiling impasse in Washington that prompted a US credit rating downgrade.
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