Friday, 19 October, 2018

Stock market slammed as Wall Street jitters persist

Stock market slammed as Wall Street jitters persist Stock market slammed as Wall Street jitters persist
Elsie Buchanan | 09 February, 2018, 03:53

That's because the stock market as measured by the S&P 500 index has to fall more to trigger those halts. But such calm is unusual, and stocks overheated.

The bottom of this recent slide remained elusive for investors, who have been whipsawed this week by huge swings that have shaken a market that had only climbed steadily for months.

Stocks resumed their headlong plunge into the red, with all three major market indexes settling at their session lows following another steep selloff in the final minutes.

The S&P 500 last confirmed a correction in January 2016, when it fell 13.3 percent amid concerns about a slump in oil prices.

Trader Jonathan Corpina, center, works on the floor of the New York Stock Exchange, Thursday, Feb. 8, 2018.

Stocks are sinking again Thursday, extending a streak of losses that has yanked the market away from record highs. Numerous companies that rose the most over the a year ago have borne the brunt of the selling. That puts them in what's known on Wall Street as a "correction".

Earlier on Thursday, the 10-year U.S. Treasury note yield rose as high as 2.884 percent, just below Monday's four-year peak of 2.885 percent, after the Bank of England said interest rates probably needed to rise sooner than previously expected.

Alan Lancz, president of Alan B. Lancz & Associates, an investment advisory firm in Toledo, Ohio said: "There are going to be people that are going to be selling into any kind of strength and then you are going to have some value-conscious investors taking advantage of these multiple 100-point drops". The Dow fell 528 points on Thursday. The stock dropped $28.24 to $59.80. The stock dropped $26.75 to $61.29.

South Korean president to meet Kim Jong Un's sister during Olympics
Mr Moon's spokesman Kim Eui-kyeom said the North Korean delegates will attend the opening ceremony of the Games on Friday evening. The North Koreans are planning to perform popular South Korean songs, in addition to North Korean music, according to Chosun TV.


Snapchat owner Snap (SNAP.N) soared 47.6 percent after it reported surging growth in users and revenue in its latest quarter. The stock rose $3.32 to $30.23. GrubHub will provide the delivery people and technology to let people order food from those restaurants. The yield on the 10-year Treasury note rose to 2.83 percent from 2.84 percent.

That's also a big change: The market has been stable in the past year because every time it inched lower, investors swooped in looking for bargains and soon sent them higher again.

After a sharp loss Wednesday, benchmark US crude lost 64 cents, or 1 per cent, to $61.15 a barrel in NY.

US crude oil dropped 1 percent to settle at $61.15 a barrel, while Brent fell 1.1 percent to $64.81.

"What we're seeing today is continued concerns around interest rates going higher, around valuations in the stock market", said Chris Zaccarelli, chief investment officer with Independent Advisor Alliance in Charlotte, North Carolina.

In other commodities trading, wholesale gasoline remained at $1.77 a gallon.

These bond market worries briefly sent the Dow into a correction earlier this week, a 10% decline from recent highs. Several Dow members lost more than five per cent, including American Express and Home Depot. Natural gas gave up 1 cent to $2.70 per 1,000 cubic feet.

The dollar index was flat, with the euro up 0.11 percent to $1.2258. South Korea's Kospi gained 0.5 percent and the Hang Seng of Hong Kong rose 0.4 percent.

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