Monday, 22 October, 2018

Markets Right Now: Dow rises 350, erasing an early plunge

Nikkei briefly sheds more than 1,200 points Markets Right Now: Dow rises 350, erasing an early plunge
Emmett Howard | 08 February, 2018, 18:28

Global shares were mixed Wednesday in a fitful rebound from the rout suffered earlier in the week.

USA 10-year yields nudged lower to 2.76 per cent, after going as high as 2.80 per cent earlier in the day. The Dow edged 0.1 percent lower to 24,893.35. The DJIA gained 567 points, or 2.3 percent, recouping almost half of the 1,175-point plunge it took the day before. The steep drops Friday and Monday erased the gains the Dow and S&P 500 made since the beginning of the year, but both remain higher over the past 12 months.

The Nikkei lost 1,071.84 points to close at 21,610.24 after falling by as much as 7.1 per cent on Tuesday afternoon in the worst day for the index since 2016. Additionally, other indices like Hong Kong's Hang Seng index fell about 4.1 per cent and the Kospi in South Korea fell about 1.4 per cent.

Analysts said the sell-off looked to have run its course for the time being, although worries about rising United States interest rates remain a looming challenge. Corrections are seen as entirely normal during bull markets, and even helpful in removing speculative gains and allowing new investors to buy into the market at lower prices.

Minutes after the bell to signal the start of trading, the FTSE 100 index of leading British shares was down 2.5 percent at 7,151, while the CAC 40 in France slid 3 percent to 5,127. On the Nasdaq, 1,816 issues rose and 1,101 fell. "There's genuine carnage out there", said Chris Weston, chief market strategist at IG in Melbourne, Australia.

Commenting on the volatility, analysts at AMP Capital said of the prospect of monetary tightening that "the removal of stimulus in a measured way is a perfectly reasonable proposition, although it has yet again caught the unprepared by surprise".

U.S. BUDGET BATTLE: Uncertainty overshadowed the fitful market recovery as Senate leaders brokered a long-sought budget agreement Wednesday that would bring the Pentagon and domestic programs an extra $300 billion over the next two years. That's less true for China, whose financial markets are more cloistered from worldwide investors.

USA stocks rallied Tuesday as a late surge helped them regain nearly half their losses from the day before, when they had their biggest plunge in 6 ½ years amid heavy trading and huge swings for the market.

Ivanka Trump to lead US delegation at Olympics' close
Hundreds of North Korean cheerleaders have arrived in South Korea today to support their team at the Winter Olympic Games here. He said that the Vatican was ready to back any "useful peace initiative that favors peace and encounter among peoples".

Brad Pitt Involved in Multi-Car Crash
BRAD Pitt was pictured swapping details with two motorists after he was involved in a three-car crash in Los Angeles this week. Pitt , 54, was spotted calmly exchanging insurance information with the other two drivers.

New Zealand's central bank holds rates, says volatility a warning
Core inflation is now running at 1.4 percent and McDermott said "indicators are it will gradually move up". McDermott said the bank's stance on rates is "neutral".

The Dow Jones industrial average gained 567 points, or 2.3 percent, recouping almost half of the 1,175-point plunge it took the day before.

The Standard & Poor's 500, the benchmark for many index funds, fell 113 points, or 4.1 percent, to 2,648.

The Dow Jones industrial average rose 317 points, or 1.3 percent, to 25,230. The S&P 500 also had a bad day, losing just over four percent to finish at 2,648 points.

Currency markets were steady, with the euro down 0.2 percent at $1.2349 and the dollar 0.2 percent lower at 109.36 yen.

A 10 percent drop from a peak is referred to on Wall Street as a "correction".

The market's slump began on Friday as investors anxious that creeping signs of higher inflation and interest rates could derail the market's record-setting rally. Brent crude, the global standards, lost 57 cents to $67.06 a barrel in London.

Some analysts also say markets tend to get edgy when the US Federal Reserve has a new leadership.

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