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10 February 2018, 05:10 | Joann Bryant
Dow sheds another 1000 points in tough trading
On Thursday, the Dow Jones Industrials and S&P 500 indexes slumped more than 10 percent from their January 26 record highs, and volatility that plagued the market all week left investors wondering when the market's recent slump would find a floor. Germany's DAX was unchanged. A correction? Leave the vernacular to others, and instead understand what's causing the market to fall. The Dow Jones has dumped over 100 points on two separate occasions and is now in correction territory.
The pan-European FTSEurofirst 300 index lost 1.89 per cent and MSCI's gauge of stocks across the globe shed 1.26 per cent. Selling in the bond market led Wall Street to worry that inflation will force the Federal Reserve to speed up its rate hike plans.
"Markets are down again today, maybe unnerved by fears that the U.S. Senate will not pass a budget bill in time to avoid a U.S. government shutdown", said Rob Carnell of ING in a report.
Technology and energy sectors took a beating, while financials and industrials helped provide some support for the key indexes.
Shares of Twitter Inc. soared 12% after the microblogging company delivered better-than-expected financial results and reported its first-ever quarter of profitability.
The 3 percent pullback Thursday across US indexes is something that did not happen in all of 2017. India's Sensex retreated 1.1 percent to 34,017.83 and benchmarks in New Zealand, Taiwan and Southeast Asia also fell.
Scott Wren, senior global equity strategist for Wells Fargo Investment Institute, said investors are anxious that the higher wages could eat into corporate profits, and that the Fed could "make a mistake" and raise rates too quickly.
Already, Wall Street had been expecting $1 trillion in Treasury issuance in 2018, almost double last year's total. Facebook and Boeing have both fallen sharply.
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. The yield on the 10-year Treasury note was unchanged at 2.83 percent.
Meanwhile, the Nasdaq composite index was down 274.82 points, or 3.90 per cent, to 6,777.16.
"Over the last half a dozen of years we have been saying equity valuations can be higher because we are living in a low interest rate and low inflation environment but that's reversing a little bit and that's what we are staring at now", said Art Hogan, chief market strategist at B. Riley FBR in NY. "We've all enjoyed it", said Rich Guerrini, CEO of PNC Investments. "But we are moving away from the period of very low inflation, we are getting there.'Chinese shares have lost four percent amid concerns over rising borrowing costs", said Lawler. The Nasdaq rose 69 points, or 1 percent, to 6,847. The housing industry is solid. And major economies around the world are growing in tandem for the first time since the Great Recession.
European stock markets finished higher overnight, snapping a seven-day losing streak.
Like the tale of Eskimos having dozens of words for snow, investors have many words for a decline in the stock market. They didn't get as overvalued as in the United States'.
Rising rates are viewed as a headwind for stocks. Why?
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