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Dow drops by more than 1000 points twice in week
11 February 2018, 01:48 | Megan Pierce
Dow drops by more than 1000 points twice in week
But if inflation picks up, the Fed could raise rates more often or more steeply than it had planned.
Specialist Michael Pistillo conducts trades in VICI Properties at the closing bell on the floor of the New YorkStock Exchange, Wednesday, Feb. 7, 2018.
"If this is just the implosion of shorting volatility, it's not the end of the bull market", said Michael Antonelli, managing director of institutional sales trading at Robert W. Baird in Milwaukee.
The Dow and S&P 500 capped off their worst weekly performance in two years last week after a stronger-than-expected jobs report sent interest rates higher. The Dow moved almost 500 points during trading on Wednesday before closing down 19 points, or 0.08 per cent, at 24,893.
Regardless of whether the market continues on its downward trajectory - a much more menacing "bear market" looms if stocks fall 20 percent - many analysts said the last two weeks of dramatic drops, rapid rises and followed by more heart-pounding dives have already made a distant memory of the blissful and steady multi-year rise in stocks.
Wall Street anticipates that more government spending will force the Treasury Department to borrow more money by selling additional bonds. It spiked above 50 early on Tuesday.
"We've hit this incredible dose of volatility like nothing we've seen since Brexit", Detrick said.
Treasury Secretary Steven Mnuchin appeared at a previously scheduled hearing on Capitol Hill, where he urged lawmakers to focus on the economy's strong fundamentals.
USA stocks started to tumble last week after the Labor Department said workers' wages grew at a fast rate in January.
ANALYST'S VIEW: "Risk sentiment continues to be wobbly in markets, with USA equities notching a loss at the close, while Brent prices fell sharply to $65 overnight", Mizuho Bank said in a daily commentary.
The Dow closed out a turbulent week with a 330-point rebound Friday but still suffered its biggest weekly loss since January 2016, a tumble highlighted by its first official correction in two years.
Israeli fighter jet crashes under Syrian fire, says military
Israel's leading daily Haaretz reports that Syrian anti-aircraft missiles targeted an Israeli F-16, prompting the pilots to eject. Iranian and Iran-backed Shi'ite forces, including Lebanon's Hezbollah, have deployed widely in support of Assad.
The Nasdaq composite fell 3.9 percent as Facebook, Amazon and Microsoft all fell at least 4.5 percent. It'll change the complexion of the market. The broader Standard & Poor's 500 stock-index has experienced a similar slide. Prices and yields move in opposite directions, and bond buyers will want a higher yield (and lower price) to make it worth their investment. When bond yields rise, those stocks become less appealing to investors seeking income.
If borrowing costs increase, bond investors will want more return - a higher yield. "The sharp drop in the afternoon seemed to be mainly programmed trading", said Scott Brown, chief economist at Raymond James.
Global markets mostly rose and appeared calmer on Wednesday. Natural gas rose 1 cent to $2.76 per 1,000 cubic feet.
The CAC 40 in France picked up 1.8%. The Japanese Nikkei 225 plunged 4.7%, while the Shanghai composite pulled back 3.4%.
The biggest technology companies fared the worst.
Wynn Resorts climbed about 10% after casino mogul Steve Wynn resigned as chief executive following allegations of sexual misconduct.
"Know what you own, why you own it and not have more than a 4 to 5 percent concentration in any one stock because you expose yourself to undue risk", he said.
He has denied the accusations but said he could not be effective in his corporate positions in the face of those allegations.
While that's good news for workers, it has sparked concerns about inflation.
Newspaper publisher Tronc soared 3.45 dollars, or 19.1%, to 21.55 dollars after it agreed to sell the Los Angeles Times and a group of other newspapers to Dr Patrick Soon-Shiong, a major Tronc shareholder and former board member, for 500 million dollars. U.S. futures fluctuated before falling, while Treasuries steadied and the dollar rose.
Research Report For NVIDIA Corporation (NVDA)
Renaissance Technology Ltd has invested 0% in Boyd Gaming Corporation (NYSE:BYD). 314 were reported by Cranbrook Wealth Mgmt Llc. Aviance Lc has 620 shares for 0.01% of their portfolio. 1,843 were reported by Zurcher Kantonalbank (Zurich Cantonalbank).
Australia won by 7 wickets at Melbourne
However, the focus now shifts to New Zealand as the second half of the T20 leg will be played in the Kiwi nation. First it was Billy Stanlake, who surprisingly rocked New Zealand and proved to be expensive against England .
Jones set to target Wales rookie Patchell
Care's reliable kicking and safe hands enabled Farrell and George Ford to play their naturally creative game easily alongside. Rachael Burford (Harlequins Ladies, 77 caps); 11. "He hasn't played much Test rugby at all".
Bristol-Myers says lung cancer drug succeeds key trial
Whereas the traders who further want to see about this, may be interested to see Price to next year's EPS that would be 7.81%. It fall, as 48 investors sold Monday shares while 342 reduced holdings. 125 funds opened positions while 344 raised stakes.
Klopp braces Van Dijk for Southampton return
An adrenalin-packed game of two halves may be a cliché but it proved to be a controversial affair on Merseyside last weekend. Naby Keita is arriving from Leipzig in the offseason but he is also a midfielder who drives forward.
Amazon set to launch its own delivery service
Following the newspaper report this morning, shares of both FedEx Corp. and United Parcel Service Inc., fell into the red. A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock.
Snow to start around mid-morning, most schools closed
As of 5 p.m. on Tuesday afternoon, the winter storm watch extended from Red Deer County to the entire southern border of Alberta. The wind will be out of the northeast between 10-20 miles per hour which will cut down visibility next to nothing at times.