Dow Drops 275 Points Because Everyone Is Afraid of Something
11 October, 2018, 06:26 | Author: Mary Valdez
US stocks plunged to their worst loss in eight months on Wednesday as technology companies continued to drop.
The rise in rates is weighing particularly heavily on areas of the market that had earlier been the biggest winners, and technology stocks had some of the morning's steepest losses. The broader S&P 500 was down by even more, and had its worst day in more than six months.
The Dow slipped 831.83 points, or 3.15 percent, at 25,598.74, the S&P was down 38.36 points, or 3.28 percent, at 2,785.68 and the Nasdaq was down 315.97 points, or 4.08 percent, at 7,422.05.
Alec Young, managing director of global markets research at FTSE Russell, said investors fear that rising interest rates and growing expenses are going to erode company profits next year.
"I think we don't have to go as fast", Trump said Tuesday on CNBC.
The S&P 500 was down 31 points, or 1.1 percent, at 2,849 as of 10 a.m. The benchmark index fell for the fifth straight day, which hadn't happened since just before the 2016 presidential election. It's fallen sharply over the past five days.
The Dow Jones industrial average dropped 3.1 per cent, or 826 points, to land at 25,606. Investors have long feared the trade war would crimp profits, and now a group of companies is warning that is happening at the same time that rising bond yields make the cost of borrowing higher. Traditional conglomerates CBS, Disney and Comcast all shed 3% of their value, while tech issues booked bigger losses. The stock fell 15 per cent to 50 cents.
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This afternoon saw shares in Intel and Microsoft drop by more than 2.5 percent, while Amazon shares fell by more than 2 percent and Netflix saw a decline of 3.6 percent. Companies that sell non-essentials to consumers dropped 1.6 percent. Industrial and internet companies also fell hard. Among internet companies, Alphabet, Google's parent company, slid 2.3 per cent to US$1118.79.
Elsewhere, insurance companies dropped as Hurricane Michael continued to gather strength and came ashore in Florida bringing winds of up to 155 miles an hour.
Shares in upscale jewellery retailer Tiffany & Co and perfume maker Estee Lauder both fell 7 percent after a warning from French luxury goods firm LVMH about softening demand in China.
The biggest driver for the market over the past week has been interest rates, which began spurting higher following several encouraging reports on the economy.
Traders were set for losses in Asian stocks after a rout in USA equities that deepened late in the day amid investor concern that rising interest rates and trade tensions could hurt company profits. Chip gear producers Applied Materials, Teradyne and ASML Holdings fell between 3.5 percent and 4.6 percent.
Wall Street stocks plunged Wednesday, with major indices losing more than three percent in a selloff prompted by the sudden jump in USA interest rates.
"It's a risk-off environment as investors are focusing on spiking yields and taking profits off the table as they are concerned about whether the bull market is actually coming to an end", said Ryan Nauman, market strategist at Informa Financial Intelligence.
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Median income, as you see, is at an all-time high; poverty level at the best rate, meaning the lowest rate. Trump applauded West's tirade, tweeting that West was " leading the charge " for Trump supporters.
Last month, a Saudi Arabian journalist, Jamal Khashoggi , reportedly went missing inside the Saudi Consulate in Istanbul. The team is said to include a Saudi special forces officer, members of the royal guard and a senior forensics expert.
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Amid growing calls within the US and around the world for Saudi Arabia to investigate Khashoggi's disappearance, Republican Sen. Saudi Arabia has said the accusations are " baseless " and claims Khashoggi left the consulate shortly after he arrived.
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Google is also following from its limiting of Gmail scans by limiting which applications - namely, down to email apps - can do so. Google+ was heavily promoted after its 2011 launch , in the hope of overtaking Facebook in the early days of social media.
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The Saints , at coach Sean Payton's insistence, took a chance on Brees in 2006, and the payoff has been extraordinary. During the second-quarter celebration the television audience had seen Brees hug his wife and young children.
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