Dow Jones drops 546 points as global market sell-off persists
12 October, 2018, 02:50 | Author: Mary Valdez
The tumble came after the Dow Jones industrial average closed 831.83 points lower, its third-worst point decline ever, in NY trading on Wednesday amid concerns over a rise in interest rates.
Treasury yields retreated from multi-year highs following the inflation data and as investors flocked to the relative safety of United States government bonds.
All of those factors could threaten the impressive profits Corporate America has been reporting this year.
The Dow Jones industrial average tumbled more than 400 points to just below 26,000 at lows.
The S&P 500 shed 2.05% to below its 200-day moving average, extending its longest losing streak since the 2016 election.
Oil prices fell more than 2 percent as U.S. stocks plunged, even though energy traders anxious about shrinking supply from Iran due to U.S. sanctions and kept an eye on Hurricane Michael, which closed almost 40 percent of U.S. Gulf of Mexico output.
All 11 sectors in the S&P 500 are lower, with banks and energy stocks the hardest hit. The Nasdaq's 2-percent drop pulled it 7.1 percent away from its high.
Some early relief over a tame report on U.S. inflation gave way to renewed selling.
The Nasdaq composite, which has a high concentration of technology companies, had its biggest loss in more than two years.
The tech-heavy TWSE index in Taiwan plummeted 6.3 percent, while Japan's Nikkei slid almost 4 percent and the South Korean KOSPI index dropped 4.4 percent as foreign investors pulled out.
Wholesale gasoline lost 4.3 percent to $1.93 a gallon.
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The global market sell-off continued overnight, with Wall Street falling sharply amid a volatile trading session.
Bond prices rose as the recent surge in yields attracted the attention of some investors.
Technology shares tumbled on fears of slowing demand, while bond yields ended lower after seeing multi-year highs earlier this week. Recently a larger-than-normal number of companies have warned that their third-quarter results could be weaker than analysts expected.
Tokyo's Nikkei 225 gave up 3.9 percent to 22,591.10 and the Shanghai Composite lost 4.3 percent to 2,607.44.
In other metals trading, silver rose 2 percent and copper added 0.8 percent.
Mona Mahajan, US investment strategist at Allianz Global Investors, said: "The market is digesting the potential that rates moving upwards eventually seep into the real economy in the form of mortgage rates, auto rates, student lending rates".
Wall Street has suffered heavy falls on Wednesday.
USA crude fell 1.98 per cent to $71.72 per barrel and Brent was last at $81.30, down 2.15 per cent on the day.
Earnings season is getting underway.
The blue-chip index plunged more than 830 points - or 3.2 percent - at its close as traders fretted about raising interest rates and the sell-off of once-high-flying tech stocks.
The 10-year Treasury note yield traded around 3.23 percent a day after hitting its highest level since 2011. The Dow Jones Small-Cap Value TSM Index closed at 9,964.36 for a loss of -207.21 points or -2.04%.
Florida Governor Rick Scott said earlier that Michael was expected to make landfall as a Category 3 storm as soon as Wednesday. Following Hurricane Irma past year , 14 people died when a South Florida nursing home lost power and air conditioning.
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The benchmark index fell for the fifth straight day, which hadn't happened since just before the 2016 presidential election. Traditional conglomerates CBS, Disney and Comcast all shed 3% of their value, while tech issues booked bigger losses.
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