Tuesday, 14 August, 2018

How major U.S. stock indexes fared Friday

Dow futures signal another bumpy ride on Wall Street Dow industrials drop 600 points as market losses deepen
Laurie Berry | 10 February, 2018, 08:22

Technology companies accounted for most of the broad gains, outweighing losses in energy stocks, which slumped as US crude prices declined, sending the price of oil below $60 a barrel for the first time this year. Crude slumped 2% on Friday and slipped below $60 a barrel for the first time this year.

The Dow gained 130 points, or 0.5 percent, to 23,990.

The slide in oil prices is also driving down the energy sector which is having a negative influence on the S&P 500 Index. "Prior to the price action over the last ten days, the major USA indices had rallied nearly without interruption since the Brexit vote in June 2016", said David Morrison, senior market strategist at GKFX. The blue chip average suffered its second 1,000-point drop in a week on Thursday. Nasdaq index dropped by 3.9% (275 points), the S&P 500 dropped by 3.8% (101 points), according to Boston Globe.

The Russell 2000 jumped more than 1.3% at the closing bell, while the S&P SmallCap 600 rallied 1.1%.

The 10-year Treasury yield has receded in recent days and is trading around 2.77 percent on Wednesday.

Analysts and traders say the sell-off had begun a major correction to nine years of near uninterrupted gains for Wall Street.

England will look to use Jonathan Joseph to unsettle Rhys Patchell
Regardless of the sport there is always a massive rivalry between England and Wales and women's rugby is certainly no different. Everything is on the server there so we can look at whatever we want - any game you can think of is available on there.

In afternoon trading, the S&P 500 briefly broke below its 200-day moving average, a level seen as technical support, and then cut losses, a day after a plunge that confirmed a correction for the USA market.

Jeffrey Kleintop, Chief Global Investment Strategist at Charles Schwab, said global stocks have fallen from peak to trough by more than 10 per cent in two-third of the years since 1979, yet "most of those times posted a gain for the year". The blue chip Dow Jones Industrial Average is at 24109.57, up 249.11 or +1.04% and the tech-based NASDAQ Composite is 6863.27, up 86.11 or +1.27%. It was up as much as 349 in early trading. Australian shares lost 1.7 per cent and South Korea's KOSPI fell 2.3 per cent.

At 0700 AEDT on Friday, the share price futures index was down 82 points, or 1.41 per cent, at 5,730. "The trigger has been the really fast rise in bond yields", said Evan Brown, director of asset allocation at UBS Asset Management. Average hourly wages grew 2.9 percent from a year ago - the largest increase since 2009.

The Dow Jones plunged more than 1,000 points on Thursday in another volatile day for the stock market.

Also driving rates higher is the projected increase in federal debt as a result of the big passed in December as well as the two-year signed by President Trump on Friday. Tokyo's Nikkei 225 lost 2.3 percent to 21,382.62 and Hong Kong's Hang Seng retreated 3.1 percent to 29,507.63. In total, the Dow has shed more than 2,000 points in the first week of February trading.

The S&P 500 lost $2.49 trillion in market value since January 26 through Thursday, according to S&P Dow Jones Indices. Chipmaker Nvidia (NVDA) added $14.56, or 6.7 percent, to $232.08.

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