profishingrods.com
profishingrods.com May 25, 2018


Wall Street struggles for direction in choppy trading

09 February 2018, 08:35 | Randall Craig

By Tanya Agrawal

By Tanya Agrawal

The up-and-down trading Friday came a day after the market entered its first correction in two years. The yield on benchmark 10-year U.S. Treasuries, the driver of global borrowing costs, was lingering at 2.846 percent, close to Monday's four-year high of 2.885 percent. Although lower than the two-and-a-half-year high of 50.30 points hit on Tuesday, it is still triple than what it was just a week ago.

Wall Street's main indexes fell more than 1 percent in early afternoon trading on Friday, deepening losses in the past week that have put all three main US markets in correction territory.

The see-saw session is a reflection of the trading during this week's sell-off that has wiped off more than 6 percent of the three major indexes and sent the Dow Jones Industrial Average and the S&P 500 into correction territory on Thursday.

More than $2.5 trillion in value has been knocked off S&P 500 shares since then, adding to the sense that the tide may be changing after nine years of nearly constant gains for Wall Street.

Industrials and health care stocks led the fall, with Fisher & Paykel Healthcare Corp Ltd slipping 1.9 pct to an over 2-1/2 month low, while Auckland International Airport Ltd dropped 1.2 pct to a eleven-week low.

The market's gauge of volatility, the CBOE Volatility Index, opened at a relatively high of 32.18 on Friday.




By 12:54 p.m. ET it was down 1.7 percent on the day and 11.1 percent since highs hit on January 26.

The chief cause of the pullback is a rise in US bond yields because of growing expectations that a strong economy will result in higher inflation and an increase in interest rates this year.

FedEx and UPS dropped about 2 percent after the Wall Street Journal reported Amazon.com Inc will be launching its own delivery service. It was up as much as 349 shortly after the opening bell.

Tracking their US counterparts, banks led the decline locally, with the Australian financial index giving up 0.5 percent.

The Nasdaq is down 188.96 points, or 2.6 percent.



Other News

Trending Now

Nana Addo, Mahama lead tributes for Ebony Reigns
Known in real life as Priscilla Opoku-Kwarteng, Ebony was widely known for her hit songs " Poison " and " Kupe ". She was rushed to Bechem Government Hospital, where she was later pronounced dead.

Chelsea ace Hazard defends Conte: Still can be successful season
Courtois replaced De Gea at Atletico Madrid on loan from Chelsea FC when the Spain global moved to Manchester United in 2011. My heart is in Madrid; it's logical and understandable. "If Real are interested, they have to contact Chelsea ".

Dortmund place €100m price tag on Pulisic
Borussia Dortmund wonderkid Christian Pulisic has been told to join Liverpool this summer, in preference to bitter rivals Manchester United .

Amitabh Bachchan and Rishi Kapoor reunite on screen as father and son
The veteran stars were earlier paired in numerous films including Kabhie Kabhie, Naseeb, Amar Akbar Anthony , Coolie and Ajooba . On the work front, the trailer of his latest movie '102 Not Out' released today which also stars Rishi Kapoor in lead role.

#MeToo-supporting politician accused of groping male staffer
Fierro, who was on the staff of Assemblyman Ian Calderon, D-Whittier, said he managed to break away from Garcia and walk away. He said she cornered him alone after the annual Assembly softball game in Sacramento as he attempted to clean up the dugout.

Pence Hints At 'Toughest' Economic Sanctions Yet Against North Korea
At a news conference in Peru, Tillerson was asked if Pence or other USA officials might meet North Koreans. Pence is in Alaska on the first stop of a six-day trip created to increase pressure on North Korea.

Published iPhone Source Code Is The 'Biggest Leak In History'
The leak of the code- called iBoot - was reported by news site Motherboard . "It is considered confidential and proprietary". In 2004, for example, millions of lines of code were leaked for Microsoft's Windows NT and 2000 operating systems.

United States Senate passes bill to end government shutdown
The House voted 240 to 186 in support of a bipartisan package to extend USA government funding till March 23. The fleeting government shutdown began after Republican Sen. "She negotiated the deal".

Good Economy Boosts Trump to Highest Rating in Seven Months
But nevertheless, 67% of voters approve of the courts, and 61% approve of the job intelligence agencies like the CIA are doing. Half of voters believed the Mueller probe was "legitimate" and 41% did not, however 56% told Quinnipiac that it was fair.

6 of the Best Deals for National Pizza Day 2018
Choose two or more menu items, including pizzas for $5.99 each with a coupon from Domino's for National Pizza Day . Whether its deep dish, NY style, gluten-free or anything in between it's safe to say there's a pie for everyone.