Markets

Wall Street Turmoil Worsens As Dow Jones Plunges 1000 Points

Wall Street Turmoil Worsens As Dow Jones Plunges 1000 Points

With yesterday's losses, the Dow and S&P 500 have now fallen more than 10 per cent from their peaks, meeting the official definition of a "correction" in financial parlance and marking an about-face from the bullishness of early 2018.

Tuesday's rebound came a day after a steep selloff that brought the biggest percentage daily declines for the S&P 500 and the Dow since August 2011 and a near 1,600 point intraday loss for the Dow.

Numerous companies that led the market's gains over the past year have struggled badly in the last week.

"The dust hasn't settled yet, and I think both buyers and sellers are trying to figure out what this market really wants to do", said Jonathan Corpina, senior managing partner for Meridian Equity Partners in NY.

The Dow Jones Industrial Average rose 57.59 points, or 0.23 percent, to 24,970.36, the S&P 500 lost 3.55 points, or 0.13 percent, to 2,691.59 and the Nasdaq Composite dropped 45.63 points, or 0.64 percent, to 7,070.25.

The Standard & Poor's 500 index, a broader market barometer that many index funds track, was down 6 points, or 0.3 percent, to 2,641.

The market didn't get much help Thursday from company earnings reports, several of which disappointed investors. The S&P 500 ended 6.2 percent below its January 26 peak.

On Wall Street, many companies that rose the most over the previous year have borne the brunt of the selling.




The company also said it will pay 400 million U.S. dollars to buy Australian retailer Bras N Things.

Twitter had a good day, soaring 12% after turning in a profit for the first time.

However, the local currency has risen by 0.4 per cent against the New Zealand dollar. Its fourth-quarter revenue was also better than expected.

Online delivery company GrubHub soared after it announced a partnership with Yum Brands, the parent of Taco Bell and KFC. GrubHub jumped 19.13 dollars, or 27.4%, to 89.04 dollars. Average hourly wages grew 2.9 percent from a year ago - the largest increase since 2009.

On Thursday, the Bank of England seemed to offer support for the view that rates in general are on an upward path.

It also dropped against the British pound (-0.5pc), euro (-0.2pc) and Japanese yen (-1pc).

Britain's FTSE 100 fell 1.5% and the French CAC 40 lost 2%.

Even with tax cuts, the risk that wage growth will feed through to higher inflation has appeared modest enough for investors to mostly discount, as consumers have grown to expect internet price transparency and the ever-expanding reach of Amazon.com (AMZN) to keep inflation in check. The yield on the 10-year Treasury note rose to 2.84 percent. South Korea's Kospi gained 0.5% and the Hang Seng of Hong Kong rose 0.4%.


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