Business

All eyes back on Wall Street after record Dow drop

All eyes back on Wall Street after record Dow drop

"There's some big-money players that have really leveraged to the low rates forever, and they have to unwind those trades", said Doug Cote, chief market strategist at Voya Investment Management. A short time later, the index was down 6.5 percent at 21,205.03. Investors who had bet on an extended period of market calm have been the worst affected. "But the fundamentals of this economy are very strong and they're headed in the right direction".

The S&P energy index.SPNY was up more than 1 percent, led by Anadarko Petroleum's (APC.N) 5 percent gain and an uptick in oil prices.

In currency trading, the dollar fell to 109.32 yen from 109.54 yen late Tuesday.

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.

Investors have begun to worry that inflation might rise more quickly than expected, leading policymakers to raise rates, prompting a pull-back from stocks.

At one point the Dow was down as much as 1,600 points.

While the record point losses have caused anxiety for many investors, analysts say the correction signals a healthy economy adjusting to huge gains in recent months. The Nasdaq composite lost 125 points, or 1.8 percent, to 6,926.

The 10-year Treasury yield, which touched a four-year high of 2.88% on Thursday, dipped back to 2.82% on Friday morning.

We're guessing that U.S. President Donald Trump won't be gloating about the stock market in upcoming speeches the way he did during last week's State of the Union Address.

Boeing (BA.N) and United Tech (UTX.N) rose about 1.5 percent, providing the biggest boost to the Dow, while Amazon's (AMZN.O) 1 percent rise helped lift the S&P.

On Black Monday in 1987, the Dow dropped an incredible 22%.

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On Monday, the Dow Jones stock market index fell a record 1100 points. The VIX closed up about 24 percent.

Following the latest slide, the key indexes are down more than 10 percent from their January 26 all-time highs, meaning the market is now technically in correction territory. "If it now takes hold and gets out of control, central banks will be forced into action".

Wells Fargo plunged 8 percent after the Federal Reserve hit the bank with new sanctions over a scandal that involved opening millions of phony consumer accounts.

Top Japanese officials moved to downplay concerns on the trading floor on Tuesday.

After two huge sell-offs in a row, USA stocks are all over the map on Tuesday. Brent crude, which is used to price worldwide oils, shed 73 cents to $66.89 per barrel.

After starting the year strong, last week was the worst week on Wall Street in two years, and the decline continued Monday. That raised the alarm about higher inflation and, with it, potentially higher interest rates.

The Standard & Poor's 500 index slipped 2 points, or 0.1 percent, to 2,679.

The Dow Jones industrials are down 500 points, extending the market's losses.

The S&P 500 rose 19.7 points, or 0.73%, to 2,714.84 and the Nasdaq Composite was up 26.64 points, or 0.37%, at 7,142.52.

Wall Street is having another rocky day. The surge in volatility also triggered massive selling in other volatility instruments. The company also issued a disappointing forecast.


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