Dow Industrials Plunge 1000 Points for Second Time in Week

Dow Industrials Plunge 1000 Points for Second Time in Week

Troy Powers
February 10, 2018

Gains in industrial and consumer discretionary stocks led advances on the S&P as well as the Dow. "If you look at historical numbers, we're, even with the drop, 4,000 points higher than we were a year ago and double what we were five years ago", Kassens said.

The Nasdaq composite lost 212 points, or 3 percent, to 6,838.

The price of gold, which is another haven was also slightly higher on Monday.

Bears are expecting a market decline, saying it is over-stretched because of rising bond yields as central banks withdraw their easy money policies of recent years. The market turned lower by early afternoon, only to head higher later in the day.

"While today would be crucial in seeing if the bulls can wrestle back control for Asian markets, it does appear that we have finally entered a period of increased volatility", says Jingyi Pan, market strategist at IG in Singapore.

The Dow dropped 1,032 points Thursday, its second drop of that magnitude this week.

Oil prices were down after data showed US crude output had reached record highs and the North Sea's largest crude pipeline reopened following an outage.

The Dow Jones plunged more than 1,000 points on Thursday in another volatile day for the stock market. It was up as much as 349 in early trading.

Australia's S&P/ASX 200 was up 1.0 percent at 5,889.60. Brent crude, the benchmark for worldwide oil prices, rose 54 cents to $67.40 a barrel in London. "Getting over 3.05 percent would indeed break the 30-year downtrend and be very important to suggesting yields should begin a long-term trend higher".

German SPD leader Schulz confirms will not take ministerial job
Gabriel is still in office in a caretaker capacity while the proposed coalition deal is put to a referendum of SPD members. The deal will now be submitted to a ballot of the Social Democrats' membership, a process that will take a few weeks.

More than $2.5 trillion in value has been knocked off S&P 500 shares since then, adding to the sense that the tide may be changing after nine years of nearly constant gains for Wall Street.

The Dow plunged 1,032.89 points, or 4.2 percent, to 23,860.46. The Standard & Poor's 500 index, the benchmark for many index funds, also wavered between gains and losses.

USA equities extended their losses in a week overtaken by wild swings in the stock market. The yield on the 10-year Treasury note was unchanged at 2.83 percent.

Stocks closed sharply higher on Wall Street after another turbulent day of steep ups and downs.

USA stocks crept higher on Wednesday as volatility eased and buyers returned to a market that is recovering from a record fall for the Dow Jones Industrial Average earlier this week.

U.S. stocks rebounded in volatile late-afternoon trading on Friday, but remained on track for their worst week since 2009.

Few big companies emerged unscathed, with Dow giants Boeing and Caterpillar losing around five percent, around the same range as tech titans Amazon and Facebook. The Dow is up 24 percent over that time, the S&P 500 18 percent.

The Dow was down 501 points, or 2 percent, to 24,397. The Nasdaq rose 69 points, or 1 percent, to 6,847.