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10 Febrero 2018, 05:56 | Dolorita Barahona
MARKET UPDATE | Dow swings begin; down 130 after 30 minutes
Both indexes had their worst week since January 2016.
The Dow was taking traders on a wild ride, falling more than 400 points before pulling out of the nosedive as bargain hunters jumped into the market. South Korea's Kospi had declined 1.5 percent.
US 10-year yields rose back as high as 2.80 percent after approaching two-week lows around 2.65 percent on Tuesday.
Stocks swung dramatically between gains and losses Friday, an appropriate end to a week that featured numerous big point swings. The Dow Jones was returning to get away from 25,000 points he played Wednesday before closing.
The latest round of selling knocked the Dow and S&P 500 back into the red for the year. The Dow quickly recovered much of that loss. It fell 76 cents, or 1.2 percent, to close at $63.39 a barrel in NY.
White House spokesman Raj Shah expressed concern about the drop in stocks, but continued to point to robust employment data and corporate earnings as signs that "long term fundamentals demonstrate a healthy economy".
The Dow and S&P 500, which also soared to a record high of 2,872 on January 26, have both pulled back more than 10 percent in the the past two weeks, thrusting the market into a full correction.
An nearly 2 percent gain for Apple was at the heart of an nearly half percent gain for the Nasdaq Composite.
Oil prices fell after data showed US crude output had reached record highs and the North Sea's largest crude pipeline reopened following an outage. At midday, the market was on pace for its worst weekly decline since October 2008, at the height of the financial crisis. Technology companies, the leading sector over the past year, and banks fell the most. Silver rose 10 cents, or 0.6 percent, to $16.34 an ounce, and copper fell a penny to $3.08 a pound.
Technology companies accounted for most of the broad gains, outweighing losses in energy stocks, which slumped as USA crude prices declined, sending the price of oil below $60 a barrel for the first time this year.
Now the Dow and S&P 500 are 10 percent below their records from two weeks ago, entering a market correction. The Hang Seng in Hong Kong has lost 13% over the same period.
The Standard & Poor's 500 index slipped 39 points, or 1.5 percent, to 2,541. It is front and center in investors' minds amid forecasts that the U.S. Treasury will at least double its debt sales this year to more than $1 trillion to make up for the lost revenue from the tax cuts. Brent crude, the worldwide standards, lost 57 cents to $67.06 a barrel in London.
We might have seen a glimpse of that on Wall Street this morning, where there was a sell-off in the final hour of trade. The Russell 2000 index of smaller-company stocks gave up 5 points, or 0.3 percent, to 1,485. The more domestically focused FTSE 250 has gained 1.3 per cent, while the broader FTSE All Share index is up 0.8 per cent.
The price of gold rose $4.40, or 0.3 percent, to $1,319 an ounce. The yield on the 10-year Treasury note was unchanged at 2.83 percent.
USA stock markets bounced after a torrid opening on Tuesday, bargain-hunters and gains for Apple pushing the tech-heavy Nasdaq and the Dow Jones Industrial Average into positive territory after two days of heavy losses.
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