Markets

USA stocks plunge, Dow falls 600 points to wipe out 2018 gains

USA stocks plunge, Dow falls 600 points to wipe out 2018 gains

Stocks are falling sharply on Wall Street again, erasing big gains from the day before.

Companies with big gains after earnings on Thursday included Microsoft, which rebounded 5.8 per cent, Tesla, up 9.1 per cent, American Airlines, up 6.7 per cent, Ford, up 10.0 per cent and Twitter, up 15.5 per cent.

The S&P 500 lost 84.59 points, or 3.1 percent, to 2,656.10. It was up 520 earlier. The tech-heavy Nasdaq slid 254 points, or 3.4 percent, to 7,182.

Bond prices fell. The yield on the 10-year Treasury note rose to 3.13 percent.

The Nasdaq again flirted with correction territory, falling more than 10 percent from its August 29 record closing high before paring losses to end off those levels. Totally, for the week, S&P 500 fell by around 4%, while the Nasdaq Composite Index dropped by around 3.8% and the Dow Jones dropped by 3%.

The Russell 2000 is down 73.34 points, or 4.8 percent. Strong results from major companies including Microsoft, Visa and Comcast are sending USA stocks higher Thursday morning as the market found its footing after three weeks of steep declines.

The VIX, an index called Wall Street's "fear gauge" because it measures how much volatility traders expect, recently reached its highest level since February.

The S&P 500 rose 61 points, or 2.3 percent, to 2,717.

The Dow fell 474 points, or 1.9 percent, to 24,494. It was up 512 minutes earlier. India's Sensex fell almost a percentage point.

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While the USA markets recovered some losses on Thursday, the previous trading session saw one of the worst sell-offs in recent history.

Toyota Motor Corp. gave up 2.1 percent while Hong Kong-based retail supply chain giant Li & Fung Ltd. lost 2 percent.

Following the heavy falls on global markets, ASX futures slumped by nearly 100 points, indicating falls of more than 2% on the local index today.

The Dow tumbled 608.01 points, or 2.4 per cent, to 24,583.42. The Nasdaq composite added 185 points, or 2.6 percent, to 7,393.

High-flying companies like Netflix and Amazon took some of the biggest losses Wednesday.

Asian stock markets opened in the red on Thursday, a day after technology stocks hit Wall Street with the largest daily decline since 2011 and wiped out all of this year's gains.

Big earnings gains for several US companies helped encourage investors to start hitting the "buy" button again. The Dow Jones Industrial Average fell more than 300 points in trading Friday, while the S&P 500 dropped almost 2 percent and entered correction territory. Newell shares have declined more than 50 percent since their 52-week high.

The S&P 500 had index plunged 9.2 percent since October 3 as investors anxious about climbing interest rates and the effects of the U.S-China trade dispute.

Benchmark U.S. crude rose 0.8 percent to $67.33 a barrel. Bond prices continued to rise, sending yields lower.


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