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What it means that stocks are in a 'correction'
09 Febrero 2018, 08:16 | Dolorita Barahona
Credit NBC News
The Standard & Poor's 500 index lost 0.5 percent to 2,681.66.
Thursday's 3.8% loss took the S&P 500's decline since its January 26 record past 10%, meeting the accepted definition of a correction.
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YDSTIE: Enthusiasm about a corporate tax cut had helped drive the stock market up a whopping 7 percent in January to a record high. The dent comes after the Dow's massive 1,175 points plunge on Monday - the largest in history points-wise.
The Dow Jones industrial average lost 1,032.89 points, or 4.1 percent, to 23,860.46.
"I thought it was nearly alarming that markets weren't considering that, for example, we have a different (Federal Reserve) in 2018 that could be more hawkish".
"In the absence of recession, a deep bear market is unlikely", he said. Today's losses put stocks in what experts call correction territory - technically speaking, a loss of 10 percent or more.
Several factors are contributing to the return of neck-wrenching volatility this week after years of absence in the market.
At the NY close, the S&P 500 Index was down 3.8%.
Economies around the world are strengthening and corporate profits are on the rise.
Are you concerned about the Dow decline? Those include worries about a potential rise in USA inflation or interest rates and budget disputes in Washington.
Although the bond market quickly recovered back then, what's different now is that the inflation data is starting to look stronger and central banks globally are sounding less dovish, meaning there's very little to keep yields from continuing to rise. The VIX yesterday hit a more than two-and-a-half year high above 50, after trading, on average, below 20 for months. Machine-driven trading via computer algorithms has been cited by many market watchers as making the selling frenzy more violent.
In the year so far, the Dow is down 858.76 points, or 3.5 per cent; the S&P 500 is down 92.61 points, or 3.5 per cent; the Nasdaq is down 126.23 points, or 1.8 per cent; and the Russell 2000 is down 71.72 points, or 4.7 per cent.
US crude oil dropped 1 percent to settle at $61.15 a barrel, while Brent fell 1.1 percent to $64.81. Many market watchers have been predicting a pullback, saying stock prices have become too expensive relative to company earnings. Those rising rates create a more negative environment for stocks.
"Higher rates are going to slow the economy, we just don't know when and we don't know which rates to watch, and I think that's the debate that's now playing out in the market", he said. Major indexes in Asia and Europe Tuesday took steep losses and United States markets started sharply lower, only to repeatedly change direction.
Upon opening the local bourse plunged 1.6 percent, but rallied after lunch to finish the day's trade at 5838 points, a net loss of 0.9 percent for the day.
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Dow Jones stock index hit by record falls
After hitting a record high of 26,617 on January 26, the Dow closed below 24,000 Thursday for the first time since November. While traders dumped everything from energy to finance and tech stocks, the U.S. president, Donald Trump, said nothing.
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Dow Jones makes historic fall amid record growth
The Standard & Poor's 500 index, the benchmark most professional investors and many index funds use, dropped 4.1%, to 2,648.94. It was a similar story in France and the United Kingdom , whose indices opened 3 and 2.5 percent lower respectively.