Dow plunges 1000 as market swoons again

Feb 11, 2018, 03:58
Dow plunges 1000 as market swoons again

The sudden drop has many investors anxious that the 2018 stock sell-off is a sign of worse things to come.

"The economy is still strong", Lynch said. At its low for the day, during the scary period from 3 to 3:15 p.m., the S&P was down about 4.4%.

The Dow Jones Industrial Average was headed sharply lower Thursday as selling gathered steam headed into the close of trade.

Ireland's benchmark Iseq overall index followed suit and finished 1.58 per cent weaker, with Glenveagh, down 2.5 per cent, and CRH, down 3.06 per cent, among the losers on the index.

All other regional markets were also lower.

David says though the dip was large in number of points, it was not the biggest dip in percent of the stock market in a single day. Even with the rebound, the Dow has fallen 6.4 percent since the record set on Jan 26.

Many investors have been anxious that creeping signs of higher inflation and interest rates could derail the market's record-setting rally. At one point the massive index was down a whopping 7%.

Yesterday marked another day of sharp swings in recent sessions including the S&P 500's biggest drop in more than six years that pulled equities away from record highs. South Korea's Kospi declined 2.9 percent to 2,418.70 and the Shanghai Composite index was off 2.2 percent at 3,412.55.

Stocks have rocketed higher since President Donald Trump took office, on the promise of tax reform, and easier regulations.

Boeing (BA.N) and United Tech (UTX.N) rose about 1.5 percent, providing the biggest boost to the Dow, while Amazon's (AMZN.O) 1 percent rise helped lift the S&P. The VIX closed up about 24 percent.

Other major US stock indexes also rebounded Tuesday, with the S&P 500 finishing up 46 points, or 1.7 percent, and the Nasdaq up 148 points, or 2.1 percent. After this week's pullback, the Dow is back to where it was trading in December 2017.

He added, "Today, when good news is reported, the Stock Market goes down". The S&P 500 closed at 2,681.66 for a loss of -13.48 points or -0.50%. These included Dow members Apple, Home Depot and Chevron, all of which recovered more than four percent.

Top Japanese officials moved to downplay concerns on the trading floor on Tuesday.

U.S. Treasury Secretary Steven Mnuchin expressed confidence in the market Tuesday morning in Washington while addressing the House Financial Services Committee on Capitol Hill.

Wells Fargo dropped 8 percent Monday after the Federal Reserve hit the bank with new sanctions over a scandal that involved opening millions of phony consumer accounts.

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