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12 October 2018, 01:30 | Joann Bryant
Dow Falls 430 Points as Bond Yields Surge and China Tensions Grow Spencer Platt Getty Images10 Oct 2018
The Dow Jones industrial average had its second-biggest drop of the year, plunging almost 500 points, or 1.9 percent, shortly after 2:00 p.m.
The losses were widespread as bond yields remained high after steep increases last week.
Fears over the worldwide trade war, rising rate hikes, the impact of Hurricane Michael, the upcoming US midterm elections and a potentially disappointing Q3 earnings season likely all played a role in the weak market.
The index was down 832 points, or 3 percent, at the end of trading Wednesday. The Nasdaq fell 315 points, or 4.1 per cent, to 7,422.
The S&P 500's current decline is the longest since a nine-day skid shortly before the 2016 presidential election. The FAANGs, spread over three sectors, were down between 1.4 percent and 5.4 percent. Think of it this way, if the Treasury issues a $1000 bond paying 3 percent interest, investors will not pay $1000 for an older bond paying 2 percent interest. Industrial and internet companies also fell hard. Shares of Facebook, Amazon, Apple and Netflix and Google, the so-called FAANG stocks, were among the hardest hit, shedding billions in market capitalization.
United States 10-year Treasuries, a closely-watched indicator of bond yields, hit a seven year high of 3.26pc on Wednesday.
Some early relief over a tame report on United States inflation gave way to renewed selling.
"Both companies highlighted rising costs, not only input costs but increasing operating expenses [and] marketing expenses", she said. Berkshire Hathaway dipped 4.7 percent to $213.10 and reinsurer Everest Re slid 5.1 percent to $217.73. Amazon plunged 6.2 percent.
Investors are wary of possible further USA interest rate hikes. But higher interest rates can slow economic growth and erode corporate profits.
The yield on the 10-year Treasury is 3.20%, the highest level in seven years. Chip gear producers Applied Materials, Teradyne and ASML Holdings fell between 3.5 percent and 4.6 percent. Adams, of Bloomberg Intelligence, said investors have concerns about their future profitability, too. Stocks had come close to big drops in the last few days, but each time they recovered some of their losses.
MSCI's gauge of stocks across the globe fell percent, its biggest single-day fall since February.
Most analysts believe the pullback is temporary and that stocks will eventually recover and hit new highs. They've also dropped more than the rest of the market so far this month. Over the years, Sears has closed hundreds of stores and sold several famous brands.
U.S. crude settled down $1.79 at $73.17 per barrel and Brent fell $1.91 to settle at $83.09.
Bank shares were boosted as yields rose, with Citigroup and Bank of America seeing gains of 0.4 percent and 0.3 percent, respectively. Brazil's Bovespa lost 2.5 per cent and the Merval in Argentina sank 2.2 per cent.
The dollar fell to 111.94 yen from 112.59 yen, and the euro rose to $1.1594 from $1.1525. The British pound rose to $1.3197 from $1.3146.
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