Wall Street sees worst week in two years

10 February, 2018, 09:42 | Author: Kathy Ellis
  • European share declines limited after Wall Street sell-off

All told, the S&P 500 rose 38.55 points, or 1.5 per cent, to 2,619.55 Friday. This was its biggest one-day reversal in two years.

Stocks struggled to stabilize much of the day as investors sent prices climbing, then slumping in unsteady trading a day after the market entered its first correction in two years.

After huge gains in the first weeks of this year, stocks started to tumble last Friday after the Labor Department said workers' wages grew at a fast rate in January. But that is better than it looked at the lows of the day, when the market was on track for its worst week since the financial crisis.

Bargain hunters bought back decliners toward the end of the session in an apparent reaction to the previous day's drop of more than 1,000 points. The blue chip average suffered its second 1,000-point drop in a week on Thursday.

The benchmark Standard & Poor's 500 index is now down 8 percent from the record high it set January 26. "There's a fair amount of volatility in the market, and our belief is the volatility is leaving investors riddled with stress and uncertainty, which is likely to continue".

After rising and falling, the S&P 500 was up 7 points, to 2,588, as of 2:59 p.m. The Dow gained 330.44 points, or 1.4 per cent, to 24,190.90. The Nasdaq composite lost 125 points, or 1.8 percent, to 6,926.

The Canadian dollar was little changed against its USA counterpart on Friday at 79.46 United States cents, rebounding from an earlier six-week low, as gains for USA stocks offset the biggest decline in domestic jobs in nine years. Yields for 10-year Treasurys hit four-year highs. Skechers USA climbed $2.88, or 7.5 percent, to $41.06.

Expedia slumped after its latest earnings fell short of analysts' expectations.

Lakers reportedly shifting focus to 2019 free agency class
Obviously, James is the biggest fish in the league, but there's others waiting to be snagged should Los Angeles choose to wait. The Lakers have a talented young core that is led by Brandon Ingram and Lonzo Ball , and those players are still very raw.

Investors also point to additional pressure from the violent unwinding of trades linked to bets on volatility staying low. It's still up 15 percent over the past year. A 10-percent loss is considered the formal threshold for a stock market correction.

Other notable index closes included the S&P 400 Mid-Cap Index at 1,819.45 for a gain of 18.16 points or 1.01%; the S&P 100 Index at 1,157.03 for a gain of 14.75 points or 1.29%; the Russell 3000 Index at 1,544.63 for a gain of 19.37 points or 1.27%; the Russell 1000 Index at 1,447.99 for a gain of 18.76 points or 1.31%; and the Dow Jones U.S. Select Dividend Index at 674.05 for a gain of 9.66 points or 1.45%. Brent crude gave up 70 cents, or 1.1 percent, to $64.81 per barrel.

Global markets fell on Friday, following the Dow's decline on Thursday.

Investors fear that low unemployment, increasing US growth and rising wages will spur the Federal Reserve to raise interest rates, which would boost the cost of borrowing money.

On Wall Street, many companies that rose the most over the past year have borne the brunt of the selling.

Few big companies emerged unscathed, with Dow giants Boeing and Caterpillar losing around five percent, around the same range as tech titans Amazon and Facebook.

Financial analysts regard corrections as normal events but say the latest unusually abrupt plunge might have been triggered by a combination of events that rattled investors.

Recommended:

  • Closer regulation of Bitcoin is needed, federal agencies say

    Closer regulation of Bitcoin is needed, federal agencies say

    Clayton also sounded critical and unhappy on the existing state of ICOs. Following opening remarks from the SEC's Jay Clayton and the CFCT's J.
    Heat Players React to Dwyane Wade Coming Back to Miami

    Heat Players React to Dwyane Wade Coming Back to Miami

    This is an especially interesting move considering the close personal relationship between Wade and LeBron James . James wished Wade well, both on social media and in person before they went their opposite ways Thursday.
    More Flu-Related Deaths Were Recorded In The US

    More Flu-Related Deaths Were Recorded In The US

    Scientists there are also able to determine specific subtypes of influenza and which strains are most prolific. What is unusual is the hospitalizations are greater than we've been seeing in the past several years.
  • Toronto police find remains of six victims

    Toronto police find remains of six victims

    None of the allegations against McArthur have been tested in court. "We are dealing with some agencies overseas", said Idsinga. In an update Thursday, Detective Seargeant Hank Idsinga said so far only Kinsman's remains have been positively identified.
    Publix to Now Give PrEP Insurance Coverage

    Publix to Now Give PrEP Insurance Coverage

    Publix said it employs 12,965 full or part-time employees in Miami-Dade, 14,086 in Broward County and 136,708 throughout Florida. He confirmed that the former Publix employee, a Georgia resident, had been denied coverage - the only such case he'd seen.
    Trump sees 'BOMBSHELLS' in Federal Bureau of Investigation  texts about Clinton email probe

    Trump sees 'BOMBSHELLS' in Federal Bureau of Investigation texts about Clinton email probe

    And the September 2 text came in the midst of the FBI's investigation of Russian meddling in the upcoming presidential election. Trump tweeted late Wednesday morning - around the time the president was scheduled to receive his daily intelligence briefing.
  • Crude oil susceptible to steep price correction

    Crude oil susceptible to steep price correction

    The drop in Venezuela's oil output due to its existing crisis has been the biggest reason for the improvement in compliance. The extreme level of long positioning in the oil market also makes it vulnerable to negative developments.
    President who 'stole South Africa' teeters as Mandela's dream slips away

    President who 'stole South Africa' teeters as Mandela's dream slips away

    It is unclear whether the party leadership will succeed in pushing Zuma out of office before his end of the term. There has been no official comment from the ANC on what happens between now and the next meeting.
    Doctor Dolittle Reboot Casts Spider-Man, Harry Potter Stars

    Doctor Dolittle Reboot Casts Spider-Man, Harry Potter Stars

    Cicero writer Tom Shepherd wrote a previous draft for the flick; Gaghan penned the most recent version, from which he directs. He also appears in Dan Fogelman's Life Itself , which sold for a whopping $10 million in a US rights deal to Amazon Studios.
  • ESPN Plus Service Will Cost $4.99 Per Month

    ESPN Plus Service Will Cost $4.99 Per Month

    Speaking on Disney's earnings call Tuesday , Iger said ESPN Plus will be available via a new reconceived ESPN app. Plus will be available as part of a revamped ESPN mobile app, Iger said, without providing a precise launch date.
    Women Were Given The Right To Vote 100 Years Ago Today

    Women Were Given The Right To Vote 100 Years Ago Today

    It was claimed that it would bring suffering not only to women themselves but also to their families and those around them. But the most marginalised have always had to fight outside of the electoral system to put their interests on the table.
    Football world pays its respect to victims of Munich air disaster

    Football world pays its respect to victims of Munich air disaster

    United's fierce rivals Manchester City and Liverpool also posted moving messages on Twitter as club loyalties were cast aside. "When I got there, all the players were crying".


Popular

Narendra Modi will become first Prime Minister to visit Palestine
The prime minister's office expressed gratitude to King Abdullah II of Jordan for facilitating the transit. In Oman, they constitute the largest expatriate community, he noted.

Maruti Suzuki launches new Swift | Price starts from Rs 4.99 lakh
The vehicle will be available in four variants for petrol and diesel: LXI/LDI, VXI/VDI, ZXI/ZDI, and ZXI+/ZDI+. The 2018 Maruti Suzuki Swift could be booked at authorised dealerships for a token amount of Rs 11,000.

ACA enrollment reaches 11.8 million for 2018
In all, enrollment dropped by 3.7 percent nationwide, less than 7 to 13 percent decline predicted by S&P Global Ratings. Covered California - the state's health insurance marketplace - saw an increase in new enrollees previous year .

It's 'Treasonous' to Not Clap for Me
Again, that was Trump casually affirming the idea that his political opponents had committed treason in failing to applaud him. Trump also gave himself some credit for the lack of players kneeling during the national anthem at Sunday's Super Bowl .

Rumor: Google Is Setting Up Its Own Game Streaming Service
We've reached out to Google for a comment on the existence of the games console and will update this article when we hear back. Sony's version, which includes more than 600 games, costs $19.99 per month or $44.99 for three months.

White House aide Rob Porter quits as ex-wives allege abuse
White House press secretary Sarah Huckabee Sanders said she had not discussed the allegations against Porter with Trump. Trump's first signing in the Oval Office in Washington Jan. 20, 2017.

NY bill tries to get Tide Pods to look less edible
But New York lawmakers and consumer advocacy groups said more should be done, including the Legislature passing the bill. It's popularly known as the tide pod challenge .

Winter Olympics 2018: Russians appeal against Pyeongchang exclusion adjourned
Russian officials say they are shocked and offended by the IOC's "aggressive" position against their athletes. The IOC " IOC had banned 43 Russians over doping offences at the Sochi Olympics previous year .

Active swings Under Radar: Lexington Realty Trust (LXP)
Wood, Insider, sold 40,000 with an average share price of $131.88 per share and the total transaction amounting to $5,275,200.00. Amica Retiree Medical Trust bought a new stake in Digital Realty Trust during the third quarter valued at $102,000.

Kluivert shuts down Manchester United rumours
It seems the Manchester United manager told the youngster "I want you" and "one more season and you come to Manchester". On that note, Jose also talked about Marouane Fellaini who has run into another injury this week.