Friday, 17 August, 2018

USA stocks rebound after heavy sell-off

USA stocks rebound after heavy sell-off USA stocks rebound after heavy sell-off
Cristina Norman | 10 February, 2018, 09:42

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

While the more than 1,000 point tumble in the Dow Jones industrial average led the market lower, the USA dollar's weakening against the Japanese yen also hurt export manufacturers' shares.

When this is compared to October 19 1987 - Black Monday - the Dow sank by more than 22 per cent but only 508 points, which amounted to a crash, albeit a brief one.

Worries about inflation set the market rout in motion last Friday, and many market watchers have been predicting a pullback after the market's relentless march higher over the past year. Hong Kong's Hang Seng skidded 5.1 percent and South Korea's Kospi declined 1.5 percent.

The S&P 500 jumped 1.8% to finish at 2,695.29, while the tech-rich Nasdaq Composite Index jumped 2.1% to 7,110.92.

The Dow Jones industrial average also rose 1.4%.

Stocks started to fall in early trading and extended their losses throughout the morning. The markets have been unusually calm since late 2016, and he said investors were betting that would continue.

Analysts have also been saying the market has gotten much too expensive after a huge run-up over the previous year and has been long overdue for a pullback. Silver rose 10 cents, or 0.6 percent, to $16.34 an ounce, and copper fell a penny to $3.08 a pound.

Elsewhere in commodities, the March natural gas contract was down 11 cents to US$2.58 per mmBTU. The S&P rebounded from the line and closed 1.5% higher. Bears, including short sellers that bet on the market decline, say that the market is over-stretched in the context of rising bond yields as central banks withdraw their easy money policies of recent years. Once volatility spiked, it led to huge losses for the investments, which may have exacerbated the market's swings. That makes it the worst week for the indexes since January 2016. Sectors leading gains on Friday included technology and real estate. Microsoft lost 2.3 percent.

Despite the heavy losses this week, the Dow remains up 36 percent since Trump's election.

The Australian dollar fell by 1 per cent to 78.2 United States cents.

At one point, the Dow fell 6.3% or 1,597 points, the biggest one-day points loss ever.

Stocks are sliding further on Wall Street, putting the market on track for its second big weekly drop in a row. Microsoft and JPMorgan Chase each lost 1.7 percent.

The index, which is comprised of 30 big-name USA companies, was down 108 points, or 0.4 percent, to 24,237 as of 11:25 a.m.

The broader S&P 500 lost 34 points, or 1.3 percent, to 2,647. The composite added 1.4%.

Stocks are mixed in the early going as traders digest a batch of company earnings reports.

The prospect of ballooning deficits also stoked jitters among investors this week after Congress agreed to a $400 billion budget deal just weeks after voting to slash taxes.

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

Wednesday's trading lacked the wild swings of the prior two sessions, but the Dow moved in a roughly 500-point range, more than three times the average daily swing over the past year.

The 10-year Treasury yield, which touched a four-year high of 2.88% on Thursday, is trading around 2.80% on Friday.

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