Markets

At midday: Wall Street extends losses as bond yields creep up again

At midday: Wall Street extends losses as bond yields creep up again

USA stocks markets took another beating in early Thursday trade as a rise in bond yields and higher inflation continued to unnerve investors following a historic drop on Monday.

The percentage of individual investors expecting a decline in stock prices is at a three-month high, according to the latest AAII Sentiment Survey.

The S&P 500 is down 80.47 points, or 2.9 per cent.

At 10:52 a.m. ET (1552 GMT), the Dow Jones Industrial Average .DJI was down 319.24 points, or 1.28 percent, at 24,574.11, the S&P 500 .SPX was down 27.4 points, or 1.02 percent, at 2,654.26.

During lunchtime trading the NZX50 was down 1.6 per cent, or 133 points, briefly sending the index down 5 per cent on the record high it set on January 5.

Some of the market's biggest winners over the past year were leading the market higher. A 3 per cent yield is looked upon by investors as a motive for people to flee the "risk" of stocks for the relative safety of bonds.

The blue-chip Dow Jones index closed 4.15 per cent lower at 23,860.

The UK's top share index also fell after the Bank of England raised the prospect of higher interest rates, sending the pound higher which weighed on big British overseas earners.




The index lost 3.8 percent for the week, its biggest weekly decline in almost eight-years.

Sharemarket investors had another nervous day on Friday, with the NZX50 closing down 1 per cent on the back a steep drop in United States stocks overnight on Thursday.

Oil prices fell to their lowest in six weeks on Thursday after data showed US crude output had reached record highs and the North Sea's largest crude pipeline reopened following an outage.

In London as well, the FTSE 100 was down 0.6 per cent in the early hours of trading - hitting a low of 7,131.10.

The broader All Ordinaries index was down 85.4 points, or 1.42 per cent, at 5,909.8 points.

While those past performance stats might not make investors feel any better as the Dow swings wildly on a daily basis, the data show stocks can go up at the same time rates are moving higher.

The Shanghai Composite index closed down 1.43 per cent at 3,262.05 points and its blue-chip CSI300 index fell 0.95 per cent to 4,012.05.

Digital real estate service REA Group eased 17.5 cents, or 0.2 per cent, to $71.335 after its half-year profit sank 55 per cent amid a slowing housing market.


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