Monday, 20 May, 2019

U.S. stocks ride the roller coaster; Asian, European markets bleed, too

Russell Knight | 08 February, 2018, 18:24

The Dow Jones Industrial Average began to recover Tuesday after its largest single-day decline in the index's history, a drop that also impacted markets overseas.

Japan's Nikkei 225 index skidded 6.1 percent to 21,296.03 by early Tuesday afternoon.

The Fed has signaled it will take relatively dramatic action this year to slow growth, perhaps raising rates as many as four times, totaling a full percentage point increase over 2018. The S&P 500 .SPX was up 19.78 points, or 0.73 percent, at 2,714.92, while the Nasdaq Composite .IXIC was up 17.09 points, or 0.24 percent, at 7,132.97.

All other regional markets were lower.

On Monday, February 5, 2018, the Dow plunged by nearly 1,600 points and this decline is the biggest decline in points seen in history.

USA stocks are experiencing their worst week in two years.

Some strategists view it as a healthy pullback after a rapid run-up over the past year and say the improving economic outlook is a positive for stocks overall.

A trader works on the floor of the New York Stock Exchange in New York, Feb. 6, 2018.

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Corrections are seen as entirely normal during bull markets, and even helpful in curbing excessive gains and allowing new investors to buy into the market at lower prices.

"While we have been waiting for a correction in stocks for some time, we don't expect the rout to continue", said Ian Shepherdson at Pantheon Macroeconomics.

The U.S. economy held steady throughout previous year.

The market mood turned decidedly fearful the last two days. Gainers included technology companies, retailers like Amazon and Home Depot, and industrial companies and banks. On Wednesday, Trump dismissed the market's recent landslide, stating stocks should not fall amid strong economic news.

The S&P energy index was up more than 0.4%, led by Anadarko Petroleum's 3.5% gain and an uptick in oil prices.

The Dow swung more than 500 points, erasing a gain of 381 points that had followed an initial drop of 127 points. After its 1,175-point nosedive Monday, the Dow Jones industrial average lost 567 points right after trading began but eventually gained 567 points, adding 2.3 percent to 24,912.77.

"There are going to be people that are going to be selling into any kind of strength and then you are going to have some value-conscious investors taking advantage of these multiple 100-point drops", said Alan Lancz, president of Alan B. Lancz & Associates, an investment advisory firm in Toledo.

The drop amounted to 4.6 per cent - the biggest decline since August 2011, during the European debt crisis.

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