This could be the worst week for stocks since 2008
This could be the worst week for stocks since 2008
REUTERSAmerica’s biggest industrial stock market index took a turn for the worse
10 February, 2018, 05:07
The Dow Jones Industrial Average sank another 600 points on Thursday as a renewed rise in U.S. bond yields and fears of higher inflation unnerved investors still poring over a historic drop earlier this week.
It has now done that twice in four days.
United States stocks have plunged more than 1,000 points for the second time this week and the stock market was now in a correction - 10 percent off its record high just two weeks ago, the media reported. Information technology and financials are giving the S&P 500 and NASDAQ an early boost.
"The market had gotten way ahead of itself", said Nancy Tengler, chief investment officer of Heartland Financial.
"It's been way too calm", Forester said. The performance of individual stocks tends to be more volatile than that of the market.
Now that central banks everywhere - most notably the US Federal Reserve, but also the Bank of England - are starting to raise interest rates again and are signalling that the asset purchases (quantitative easing, or QE, in the jargon) put in place as an emergency measure after the financial crisis are coming to an end, some may start to favour cash again as an investment.
The rise in Treasury yields needed to clear all of the new supply is generally seen as a negative for stocks, because higher interest rates can curb borrowing appetites and make stocks look like less of a bargain. 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%. But remember, the Dow is only tracking 30 stocks and is hardly a gauge of the true market. In 1987, the Dow plunged 508 points in one day-and sustained a loss of 22.6%, the largest one-day decline in the Dow's history. Elsewhere in Asia, Seoul's Kospi 1.8 percent to 2,363.77 and Sydney's S&P-ASX 200 lost 0.9 percent to 5,838.00. All three major indexes are down on the year. It's still up 15 percent over the past year.
This week's sell-off followed a stronger-than-expected jobs report in the US earlier this month that fueled worries over inflation and concerns the Federal Reserve will raise rates in the world's largest economy at a faster pace than expected.
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The Dow Jones ended 4.2% lower at 23,860, while the wider S&P 500 index closed down 3.8%.
'The unusual thing about the market falls is that they have been driven by positive rather than negative news.
We haven't seen that many corrections in recent years, but that's an anomaly. Fundamentals remain solid in the United States with the labour market tightening, earnings and inflationary pressure expected to pick up. "Who knows what tomorrow brings", Stephen Massocca, senior vice president at Wedbush Securities in San Francisco, told Reuters.
"I think the economy is on a very solid growth path", he said.
The suspension of shares in Produce Exchange Trust Company prompted fears of a market bubble in industrial stocks. Trading volumes were 50 per cent higher than normal. Employers are hiring at a healthy pace, with unemployment at a 17-year low of 4.1 percent.
The question now is whether "this draws a line under the recent stock market correction or whether this is merely a dead cat bounce", currency analysts at ING wrote in a report on Wednesday.
However, fears are growing that global markets are on the brink of a greater downwards spiral following an extended bull run that has seen many indices climb to new record highs.
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