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10 February 2018, 08:25 | Joann Bryant
AFPRising inflation could lead to a hike in interest rates in the United States
The sell-off wasn't abrupt; on just three days did stocks fall more than 1 per cent over the course of the month.
As of Thursday, some $2.49 trillion in value had vanished from the index since its most recent peak on January 26, according to S&P Dow Jones Indices.
While investors are accustomed to buying the dip, that wisdom is now in question when more selling by speculators may be imminent. "That's what we saw yesterday, and we know where that ended up".
The broad-based S&P 500 sank 3.8 per cent to 2,581.00, while the tech-rich Nasdaq Composite Index plunged 3.9 per cent to 6,777.16.
The Dow fell a record 1,175 points on Monday but rallied back on Tuesday to close the session up 568 points.
Wall street defines a correction as a decline of at least 10 per cent and up to 20 per cnet on a closing basis from a significant peak.
The turmoil began late last week amid fears of increasing inflation, when the Dow lost 1,175 points - the biggest one-day points loss in its 122-year history.
Expedia slumped after its latest earnings fell short of analysts' expectations. The company also issued a disappointing forecast. Netflix has just a 1% implied labour cost as a percentage of revenue.
The Nasdaq composite lost 212 points, or 3 percent, to 6,838.
Since the Dow hit a record high of 26,616 on January 26, the USA stock market has lost a whopping $3.1 trillion, Yousef Abbasi, global market strategist for JonesTrading, told ABC News. Germany's Dax index slid 0.3% and France's Cac 40 index was 0.4% lower.
The Russell 2000 shed 69.44 points, or 4.5 percent. Skechers USA climbed $2.88, or 7.5 percent, to $41.06.
That sign of inflation has market participants anxious that the Federal Reserve will increase interest rates, perhaps more aggressively than the three rate hikes already expected for this year. Numerous companies that rose the most over the past year have borne the brunt of the selling. Facebook and Boeing have both fallen sharply.
Chicago Federal Reserve President Charles Evans recently said he continues to expect the USA inflation rate to hit the central bank's 2% goal as soon as the end of 2019, adding that the next increase to interest rates could wait until mid-2018.
Among the stocks with unusual options volume today is Walt Disney Co (NYSE:DIS), with more than 50,000 puts traded - 10 times what's typically seen at this point in the day.
The market turmoil follows a prolonged period of booming stock prices with virtually no sharp declines.
"We may have seen the worst, but it's too early to say for sure".
"In the absence of recession, a deep bear market is unlikely", he said.
Unemployment stayed at 4.1 percent, showing the strength of the job market. The housing industry is solid, and manufacturing is rebounding. That combination usually carries stocks higher.
Start your workday the right way with the news that matters most. Raising rates is the first maneuver many of these monetary regulators will make.
The steep declines spooked stock investors who yanked a record $30 billion out of stock funds in the week ended February 7, according to EPFR Global. The euro gained to $1.2270 from $1.2248. Energy was the lone major S&P sector to end negative as oil prices tumbled.
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