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Dow, S&P Snap Longest Monthly Win Streak in Decades

05 March, 2018, 01:29 | Author: Kathy Ellis
  • Specialist Meric Greenbaum works on the floor of the New York exchange. Stocks fell sharply last month

Dealers were taking fright at a plan announced by President Trump... Investors wondered if that will lead to other countries putting up barriers that will hurt the global economy as well as profits for USA exporters like Apple.

The S&P 500 fell 30 points, or 1.1 percent, to 2,713. It was down as much as 586 points earlier.

France's CAC 40 fell 1.1 percent to 5,264, while Germany's DAX dropped 1.6 percent to 12,233.

Best Buy jumped around 5 percent after it reported strong same-store sales for the fourth quarter, recovering from falls overnight due to the USA consumer electronics retailer's announcement of 250 small mobile phone store closures. Boeing shares fell 3.5% while Caterpillar lost 2.85% and United Tech 3.3%.

The fall - by more than 1%, again for a third day in a row for the Dow - the first time in two years that it has fallen 1% or more three days straight - pushed the ASX futures market lower as well. Apple gave up $4.65, or 2.6 per cent, to $173.47 and Pfizer shed $1, or 2.7 per cent, to $35.32.

But US stocks, which had joined global markets in tumbling at the market open, rebounded considerably from their session lows.

John Kelly Acknowledges He Mishandled Accusations About Rob Porter
Kelly said he had " my eyes opened" when he found out, saying it was " more people than I was comfortable with". Kelly said Friday that he first learned of that in September. "I'm having my eyes opened her", he said.

A note from Oxford Economics warned of "tit-for-tat" retaliation from other countries and said the tariffs could "embolden" Trump to take more punitive actions if the manoeuvre is "deemed a political success".

Powell's first appearance in Congress on Tuesday did little to cool market fears that his arrival at the Fed could see it deliver more US rate rises than previously expected this year. That's more than the market capitalisations of CBS and Viacom combined.

Earlier in the week, Powell helped send Treasury yields jumping and stocks tumbling when he said that he's feeling more optimistic about the economy.

Meanwhile, the Federal Reserve is likely headed for three rate hikes in 2018, but investors are anxious that policymakers may be more aggressive.

Film industry technology company Vista Group International (ASX:VGL) has reported its net profit after tax (NPAT) fell from $50 million to $10 million for the full year to December 2017.

Overstock.com dropped 7.7 per cent after the online retailer disclosed in a regulatory filing that the Securities and Exchange Commission asked the company last month for information about a $250 million offering by its blockchain subsidiary, tZero, related to digital tokens.

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