Thursday, 17 October, 2019

Dow plunges 1175 points in worst day for stocks since 2011

NATION-NOW     How great Dow art not     
       How great Dow art not Our view NATION-NOW How great Dow art not How great Dow art not Our view
Russell Knight | 08 February, 2018, 00:55

After a big swing of more than 1,168 points during the day, the Dow landed up 2.3 percent, or 567 points, to finish at 24,914. "That's the real story".

The drop in early trading Tuesday marked the third straight day of steep declines.

"Know what you own, why you own it and not have more than a 4 to 5 percent concentration in any one stock because you expose yourself to undue risk", he said. The markets pivot on forces that owe at least as much to computerized trading programs, overseas investors and global central banks as they do to a president's policies and force of personality. Those fears stem from a strong employment report released Friday that showed wage growth for hourly workers over the past year had risen almost 3%, its quickest pace since 2009.

With a major package of tax cuts in the bag, some 52 percent of Americans said they approved of the way Trump was handling the economy, much higher than his overall approval rating.

Following Monday's over 1000 point drop, the Dow Jones Industrial Average closed up over 500 points.

"I normally wouldn't be looking at my iPhone, but given the market moves, I am checking it", he told lawmakers on the House Financial Services Committee.

Stocks on Monday sustained their worst losses since the financial crisis as investors around the world began to reckon with end of more than a decade of cheap money. "It definitely had an impact on market moves", he said.

"It is clear that there will be more volatility going forward", said Salman Ahmed, chief investment strategist at Lombard Odier Investment Managers. "I think the fundamentals are quite strong".

By midday it was up 30 points, or 0.2 percent, at 24,395.

In the Middle East, stocks were touched by the US and Asian markets' sell-off, though the losses were more limited.

The S&P 500 also went up by 1 percent or 27 points to 2,676 points. Heavy selling in the U.S. Treasury market caused the 10-year yield to spike to 2.85% last week, worrying Wall Street about inflation and faster rate hikes from the Federal Reserve.

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She has also won the ICC Women's Cricketer of the Year award in 2007, the Arjuna Award in 2010 and the Padma Shri in 2012. Australia's Cathryn Fitzpatrick occupies the second spot with 180 wickets followed by compatriot Lisa Sthalekar on 146.

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But 169 Russians who have passed strict anti-doping protocols will compete under a neutral flag at the Feb 9-25 Games. The others have either retired or are unavailable for undisclosed reasons.

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But after failing to win a penalty against Manchester United last week, Pochettino is not anxious his reputation is working against him.

An eventual pullback from record-high stock market levels was to be expected after 12 straight months of nothing but gains in the S&P 500 stock index.

"Corrections are a normal part of the investing process and not a reason to sell quality investments", said Alan Skrainka, chief investment officer at Cornerstone Wealth Management in Des Peres, Missouri.

The steep losses in recent days, as well as the report early yesterday that the United States trade deficit surged 12 per cent in 2017, undercut president Donald Trump's relentless economic cheerleading, as he has been quick to take credit for every new Wall Street record or data point. The FTSE 100 index of leading British shares was down 1.8 percent, while Germany's DAX was 1.9 percent lower - both indexes are higher than where they started the session.

What the Trump administration may find frustrating is that markets have plunged off of relatively positive economic news.

The Standard & Poor's 500 index was down 8 points, or 0.3 percent, at 2,639. Within a few days, the market gained back all it shed.

A 10 percent drop from a peak is often referred to as a "correction" while a bear market is generally defined as a 20 percent or so drop in indexes.

The stock market sell-off accelerated on Friday when the US Labour Department released employment numbers which showed stronger growth in wages than was anticipated.

He added that "this time around, we have Blue Friday followed by Black Monday".

The pullback has ended an unusually placid period for markets that saw U.S. indices surge to record after record on improving economic data and expectations that USA tax cuts enacted by president Donald Trump would lift earnings and pave the way for still-higher gains. All of those outlays are good for corporate earnings.

It's not just stock prices that have been tumbling.

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