Sunday, 21 October, 2018

Dow plummets 800 points, biggest drop in 8 months

Wall Street slumps as investors dump tech stocks Modal Trigger Getty Images
Russell Knight | 11 October, 2018, 20:12

USA stocks are plunging toward their worst loss in six months on Wednesday as technology companies continue to take sharp losses.

A trader works on the floor of the New York Stock Exchange (NYSE) in Manhattan in New York, U.S., October 11, 2018.

The S&P 500 shed 1.53% to 2,839.43, on track for its steepest loss since June.

The Dow and the S&P 500, the benchmark for many index funds, lost more than 3 per cent. But they are also possibly leading indicators of the end of a historic bull market, in which stock-market indexes continue upward quarter after quarter.

The latest sell-off comes after months of continuous stock market growth stoked by the investors' belief in "American exceptionalism", according to an analyst from investment bank Morgan Stanley. "This meltdown isn't just a mild case of the sniffles suggesting the latest sneeze from the US equity market could morph into a global markets pandemic".

Luxury brands were also casualties of the heavy selling - with Tiffany & Co and Estee Lauder dropping 10.2 and 7.4 per cent respectively.

Tech stocks and companies that sell non-essentials to consumers have been some of the top performers over the a year ago, gaining almost twice as much ground as the S&P 500.

U.S. stocks notched solid gains in the third quarter as investors brushed aside worries about trade wars and focused on strong corporate earnings and solid USA economic data.

Britons among 10 dead in Majorca flash floods
Witnesses said that within minutes a rush of water and mud from an overflowing creek had buried cars and torn down trees. Spanish tennis star Rafael Nadal , who is from Mallorca, helped residents clear mud from their houses in Sant Llorenc.

Why has Samsung put four cameras on the Galaxy A9?
The Samsung Galaxy A9 is set to go on sale in November this year starting at £549 - retailing over £200 less than the Galaxy S9 . And that's not where the cameras end, since there is a 24MP front-facing camera with f/2.0 for all selfies and video calls.

Google Drops Bid For Massive Military Cloud Computing Contract Amid Employee Pressure
The company then released a set of principles created to evaluate what kind of artificial intelligence projects it would pursue. Google cited its AI principles, which were published back in June, as the reason for dropping out of the bidding process.

It will take more than a daily stock market correction to stop the Fed from hiking, said George Goncalves, managing director and head of fixed income strategy at Nomura in NY.

The Justice Department approved CVS' purchase of health insurer Aetna.

Defense and aerospace parts supplier Esterline Technologies rallied after it agreed to be bought by TransDigm for $122.50 per share in cash, or $3.61 billion.

USA crude settled down $1.79 at $73.17 per barrel and Brent fell $1.91 to settle at $83.09. Natural gas rose 0.6 per cent to $3.28 per 1,000 cubic feet.

Gold rose 0.2 per cent to $1,193.40 an ounce. Silver dipped 0.5 per cent to $14.33 an ounce.

Japan's Nikkei 225 added 0.2 per cent, South Korea's Kospi dropped 1.1 per cent and the Hang Seng in Hong Kong gained 0.1 per cent.

The CAC 40 in France dropped 2.1 percent, Germany's DAX lost 2.2 percent and the FTSE 100 in London fell 1.3 percent. Before that, Bitcoin was showing stability in value as per the general crypto volatility standards around the same time stock market indexes were trending sideways. Rising interest rates from the Fed and a tight employment market don't reassure investors, either. Brazil's Bovespa lost 2.5 percent and the Merval in Argentina sank 2.2 percent.

The Australian dollar slipped against major currencies, down to 70.7 U.S. cents, 53.6 British pence, 61.4 Euro cents and 79.5 Japanese yen. The British pound rose to $1.3197 from $1.3146.

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