Global Stock Markets Tumble After Wall Street Battering
10 February, 2018, 05:24
"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.
Among the biggest losers Tuesday was Tokyo's Nikkei 225 stock average, which ended 4.7 percent lower.
"Historically, equities in emerging markets have always tumbled when the USA stock market has experienced a correction, even when the cause of the correction has had little or nothing to do with emerging markets".
Asian shares have opened lower and are tracking the overnight plunge on Wall Street.
However, the falls seen in early trade in Europe were not as steep.
The Dow was taking traders on a wild ride, falling more than 400 points before pulling out of the nosedive as bargain hunters jumped into the market. The blue-chip average suffered its second 1,000-point drop in a week on Thursday.
The correction has resulted in a paper loss of $2.49 trillion for the S&P 500 and $5.2 trillion loss for global markets, according to S&P Dow Jones Indices.
Despite the big swings, Tuesday's trading looked similar to the patterns that have shaped the market for the previous year: investors bought retailers like Amazon and Home Depot and technology and industrial companies and banks, which do better when economic growth is strong. The Dow gained 330.44 points, or 1.4 percent, to 24,190.90.
Thursday's slide put the S&P 500 back into negative territory for the year, down 3.5 percent.
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Thursday marked another day of recent sharp swings including the S&P 500's biggest drop in more than six years on Monday that pulled equities away from record highs.
Markets are also on edge over US lawmakers' wrangling to extend the so-called debt ceiling - funding for the USA government runs out on February 8 unless a stopgap bill manages to pass the Senate later on Wednesday. Hong Kong's Hang Seng skidded 5.1 percent and South Korea's Kospi declined 1.5 percent.
The S&P 500 rose 38.55 points, or 1.5 percent, to 2,619.55. It hit its highest level in late January since the early 1990s but has since dropped by 12.6%. Both indexes had their worst week since January 2016. It's still up 15 percent over the past year. Microsoft lost 2.3 percent.
The pan-European FTSEurofirst 300 index lost 1.66 percent and MSCI's gauge of stocks across the globe shed almost 1 percent. Brent crude, the benchmark for worldwide oil prices, lost 76 cents, or 1.1 percent, to $66.86 a barrel in London.
The 10% stock decline since late January has occurred even though Wall Street and President Trump stress that the health of the economy, labor market and USA businesses remain strong. The Nasdaq rose 69 points, or 1 percent, to 6,847.
The benchmark FTSE 100 share index fell 39.59 points, or 0.6%, to 7,131.10. The S&P correction is the fifth of this bull market, according to Yardeni Research. The Nasdaq was down 10 points, or 0.2 percent, to 6,765.
Indeed, several companies reported strong earnings on Thursday, a pattern that is expected to continue throughout the year.
In corporate news, shares of Twitter soared 12.15 percent to 30.18 US dollars apiece on Thursday, after the social network delivered better-than-expected quarterly results and reported its first-ever quarter of profitability.
Social-media company Twitter posted its first profit, and Yum Brands, Cardinal Health and Tyson Foods also exceeded earnings expectations.
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However, Europe appeared to have avoided the worst of the share falls seen on Monday in the USA and earlier on Tuesday in Asia. Away from the top tier, the FTSE 250 Index was also suffering, dropping more than 2pc or 413.41 points to 19,279.74.
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A topsy-turvy session for the S&P 500 Index ended with technology, materials and consumer shares leading a 1.7 per cent advance. The US benchmark S&P 500 fell by more than 4 per cent while the Dow Jones Industrial Average lost 4.6 per cent on Monday.
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