Wednesday, 13 November, 2019

Stocks end wild week with rally; Dow down 5%

Specialist John McNierney right works with traders at his post on the floor of the New York Stock Exchange Friday Feb. 9 2018 Specialist John McNierney right works with traders at his post on the floor of the New York Stock Exchange Friday Feb. 9 2018
Russell Knight | 12 February, 2018, 05:04

The Dow Jones industrial average is up more than 300 points in early trading Friday, a day after it suffered its second 1,000-point drop in a week.

The Dow lost 1,032.89 points, or 4.1 percent, to 23,860.46.

China was the worst performer in Asia on Friday - on track for its worst day in almost two years - as losses deepened from declines seen earlier this week.

The S&P 500 rose just over 38 points, or 1.5 percent, to 2,619.

Both the Dow and the S&P 500 are headed for their worst weekly decline since 2015, analysts said.

Stocks are sinking again Thursday, extending a streak of losses that has yanked the market away from record highs. The Nasdaq rose 69 points, or 1 percent, to 6,847. The yield on the 10-year Treasury note fell to 2.82 percent from 2.84 percent.

Investors anxious that rising wages will hurt corporate profits and could signal an increase in inflation that could prompt the Federal Reserve to raise interest rates at a faster pace, putting a brake on the economy. Some of the market's biggest winners over the past year were leading the market higher.

Corrections of up to 15 percent "are normal", said Oliver.

But while key European markets now all stand several percentage lower than they did three months ago, the Dow is still more than a percent up over that period. Those stocks are often seen as substitutes for bonds because they tend not to fluctuate that much in price and provide steady income.

The bank left interest rates at 0.5% at its meeting, but said a strengthening economy meant interest rates were likely to rise sooner than the markets were expecting.

Moon meets Kim's sister inside Blue House
Kim Yo Jong claps next to Kim Yong Nam at the Switzerland v Korea women's hockey game on February 10, 2018. The South Korean president mentioned the need for the North to resume its dialogue with the United States.

Chief of workers Kelly getting scrutiny after senior aide's resignation
On a blog post titled "Why I Stayed", Willoughby wrote, "The first time he called me a "f***ing bitch" was on our honeymoon". Meanwhile, Deputy staff secretary Derek Lyons has been promoted to acting staff secretary as a replacement for Porter.

Arsenal fall at Wembley to Kane's lone strike
Although Jamie Vardy leveled, De Bruyne picked out Aguero at the start of the second half for a tap-in that restored City's lead. Pochettino believes Tottenham would have claimed a far more convincing win over Arsenal but for Petr Cech.

The early rally in US stock indexes followed a broad slide in global markets. Tokyo's Nikkei 225 lost 2.3 percent and Hong Kong's Hang Seng gave up 3.1 percent.

Financial analysts have downplayed the correction as a normal market event, but say the latest drop was triggered by a combination of events that rattled investors, including concern over a potential rise in U.S. inflation or interest rates and budget disputes in Washington that could lead to a government shutdown. Well, it's a combination of factors, but undoubtedly the most important is that, ever since Donald Trump was elected President, Wall Street has been on a tear.

The Australian and New Zealand dollars have fallen against their United States equivalent, central and eastern European currencies like the Polish zloty and the Hungarian forint have fallen against the euro, while the pound is lower against both the USA dollar and the euro even after the rally on Thursday sparked by the Bank of England's warning that interest rates are likely to rise more rapidly than expected. Those include worries about a potential rise in US inflation or interest rates and whether budget disputes in Washington.

The prospect of ballooning deficits also stoked jitters among investors this week after Congress agreed to a $400 billion budget deal just weeks after voting to slash taxes.

"We may have seen the worst, but it's too early to say for sure".

The economy is already running hot, with the nation's unemployment rate at a 17-year low of 4.1 percent. And major economies around the world are growing in tandem for the first time since the Great Recession. While U.S. companies mostly did well at the end of 2018, a number of them had a weak finish to the year. The housing industry is solid, and manufacturing is rebounding.

In Europe, Germany's DAX fell 1.2 percent, while France's CAC 40 lost 1.4 percent. Chipmaker Nvidia added $6.97, or 3.2 percent, to $224.49.

When volatility reasserted itself, that was always going to lead to some violent sell-offs, particularly in view of the fact that interest rates have been at close to zero in most advanced economies for the best part of a decade, meaning some investors have been moving in to riskier assets in search of yield. If rates rise quickly, that argument becomes much less persuasive.

In currency markets, the dollar edged up to 108.84 yen from Thursday's 108.73 yen. The euro slipped to $1.2263 from $1.2276.

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