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Dow Industrials Plunge 1000 Points for Second Time in Week
11 February 2018, 07:00 | Joann Bryant
US STOCKS-Wall Street wobbles after week's wild start
The Dow gained 330.44 points, or 1.4 percent, to 24,190.90.
What's driving investors' fears of a stockmarket crash?
After Breaking Records, the Dow Jones Industrial Average has headed down another 1,000 points on Thursday, 8 February. But it is the largest decline since the Dow lost 4.8 percent over two days in June 2016 from the Brexit vote, which triggered the United Kingdom's voluntary departure from the European Union.
Of those corrections, only two have turned into bear markets, which is a more severe and more sustained downturn in the market, when stocks drop by at least 20 per cent.
"It's certainly another reason for the Bank of Canada to bide its time and probably wait until July before raising interest rates again", said Sal Guatieri, senior economist at BMO Capital Markets.
Mr Hogan said that the best hope for the market is if next week's USA inflation data has no shocks and bond yields stay within their current range. At one point the index was down 500 points. Since three months earlier, the S&P Global BMI has added $9.5 trillion, while the S&P 500 has added $3.6 trillion.
The Dow is down 528.32 points, or 2.1 percent.
The Cboe Volatility index was more than double its level a week ago.
In Tokyo the Nikkei 225 index rose 1.1 percent. That only happened eight times all of previous year, the fewest since 1964, according to LPL.
The decrease of 88,000 Canadian jobs was unexpected, against economists' forecasts for a gain of 10,000, and made for the biggest decline since January 2009. Yes, we may experience more volatility as the markets look to digest the latest economic and inflation data.
The stock market is officially in a "correction". That combination usually carries stocks higher. "There was euphoria because there hadn't been a pullback", said Jeffrey Schulze, investment strategist at ClearBridge Investments.
The yield on benchmark 10-year U.S. Treasuries, which tends to be the driver of global borrowing costs, was hovering at 2.84 per cent, set to end the week little changed since hitting a near a four-year high of 2.885 per cent Monday.
Discerning the root cause of the correction is almost impossible, but the likely culprit is that investors, for the first time in almost a decade, believe that central banks around the world will pull back on their recession-era easy money policies and raise interest rates to ensure that rapidly growing economies don't run too "hot". "Obviously people are reacting". Rates may have to go up to attract buyers for those bonds. That's good for the economy, but investors anxious it will hurt corporate profits and that rising wages are a sign of faster inflation.
New York Federal Reserve President Bill Dudley told Bloomberg News on Thursday that if the US economy keeps getting stronger the central bank may be justified in raising rates four times this year.
But a more complex explanation is the concern of the return of inflation, and more importantly, what it means for interest rates.
Washington is putting more pressure on rates.
For years, many investors have stayed on the sidelines hoping they'd get an opportunity to buy the stocks on their wish list at discount prices. With no offsets in the form of other spending cuts or new tax revenue, that additional outlay will be financed with borrowed money.
Bank of America analysts warned that the Senate agreement will contribute to "higher rates" and raise "risks for tighter overall financial conditions".
Do you think Dow Jones volatility can mirror that of cryptocurrency markets? It just seems like a major contraction because for the past couple years, the market has essentially gone straight up.
"Stock markets can boom when GDP is stagnant, when wages are flat, when living standards are going nowhere".
The Dow Jones Industrial Average plummeted 4.2 per cent to 23,860.46 yesterday.
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