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Dow falls more than 600 points as United States stocks take another beating

Dow falls more than 600 points as United States stocks take another beating

"That's the real story".

Other major USA stock indexes also rebounded Tuesday, with the S&P 500 finishing up 46 points, or 1.7 percent, and the Nasdaq up 148 points, or 2.1 percent.

The S&P 500 and Nasdaq indexes also experienced continuing decline, each dropping 3 percent.

Trader Michael Milano, right, works on the floor of the New York Stock Exchange, Thursday, Feb. 8, 2018. But stock prices climbed faster than profits in recent years. The market had run up too high, too fast and needed to let off some steam, they say.

Bullard played down the risk of inflation, saying that data Friday showing a jump in average hourly earnings did not mean the economy was on the verge of a resurgence of inflation.

On Monday, February 5, 2018, the Dow plunged by nearly 1,600 points and this decline is the biggest decline in points seen in history.

"In the absence of recession, a deep bear market is unlikely", he said. "I think the fundamentals are quite strong".

The volatility in the stock market over recent days did not change the outlook for the US economy or central bank policy, two senior Federal Reserve officials said on Wednesday. It can also send bond yields higher, which makes it more expensive for individuals, companies and even the US government to borrow money.

The S&P 500, the index that investors pay the most attention to, is in a correction, down 10.2 percent from its recent high.

The Dow recovered some of its early plunge and was down 127 points, or 0.4 percent, at 24,255.




X The Dow fell 4.15% on Thursday while the S&P 500 index and the Nasdaq composite tumbled to undercut Tuesday's intraday lows.

But those gains were wiped out, again, as volatility continued with the index moving more than 100 points into negative territory.

"The market has become a much more unsafe place", billionaire Carl Icahn told CNBC.

European markets were also down on Thursday, after the Bank of England said it could raise interest rates in the coming months.

Some attribute it to enduring confusion among traders as to how to move forward. The S&P correction is the fifth of this bull market, according to Yardeni Research.

CommSec market analyst Steven Daghlian said the losses were not as bad as the futures had indicated but the situation remained uncertain. "While investors have suffered a black-and-blue bruising, we believe that the underlying strength in the global economy combined with the Trump tax cuts will boost earnings significantly this year".

"There are going to be people that are going to be selling into any kind of strength and then you are going to have some value-conscious investors taking advantage of these multiple 100-point drops", said Alan Lancz, president of Alan B. Lancz & Associates, an investment advisory firm in Toledo, Ohio.

Investors also are growing concerned that inflation is rising, which is compelling central banks to raise interest rates.

Scott Brown, chief economist at Raymond James said: "It is hard to say (if the selloff will deepen today)".

It's worth noting that these are point drops and not percentage drops. "Nothing goes up in a straight line".


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