Dow Jones crashes near 600 points as global market unease persists

Markets Right Now Dow down 500 as stocks sink steadily

With Thursday's 4 percent drop, the USA stock market had officially entered a correction, which is when major indexes are down at least 10 percent from their recent peaks.

The Dow fell 1,032.89 points Thursday to 23,860.46, which is 10.4 percent below its record close of 26,616.71 set on January 26.

The S&P 500 shed 58 points, or 2.2 per cent, to 2,622 as of 3:10 p.m.

This marked a two percent drop for the Dow Jones, which tracks 30 major companies. It's still up 15 percent over the past year. It's still up 14 per cent over the past year.

The Nasdaq composite tumbled 274.82 points, or 3.9 percent, to 6,777.16.

The up-and-down trading Friday came a day after the market entered its first correction in two years.

Thursday marked another day of recent sharp swings including the S&P 500's biggest drop in more than six years that pulled equities away from record highs. The Dow was most recently off almost 600 points, or 2.4%, with all 30 of its components trading firmly in negative territory led by a 3.8% decline in Boeing Co., the benchmark's most influential component.

Wall Street has been on a roller coaster ride.

This week's sell-off followed a stronger-than-expected jobs report in the US earlier this month that fueled worries over inflation and concerns the Federal Reserve will raise rates in the world's largest economy at a faster pace than expected. That combination usually carries stocks higher.

USA stocks began to wobble last Friday after a healthy US labor market report sparked a spike in bond yields and fears of rising inflation. Other trusts that look cheap include Utilico Emerging Markets, on a 13.3 per cent discount versus a 10 per cent one-year average, and Fidelity Asian Values, which is offering a discount of 9.4 per cent versus a one-year average figure of 4 per cent.

Declining issues outnumbered advancing ones on the NYSE by an 8.26-to-1 ratio; on Nasdaq, a 5.58-to-1 ratio favored decliners. Many market watchers have been predicting a pullback, saying stock prices have become too expensive relative to company earnings.

Rising rates are viewed as a headwind for stocks. Why?

In currency markets, the dollar fell to 108.11 yen from Thursday's 108.84 yen.

Benchmark U.S. crude lost $2.65, or 4.3 percent, to $58.50 per barrel on the New York Mercantile Exchange. GrubHub jumped $17.85, or 25.5 per cent, to $87.76 while Yum Brands dipped $1.94, or 2.4 per cent, to $78.19.

After a sharp loss Wednesday, benchmark US crude lost 64 cents, or 1 per cent, to $61.15 a barrel in NY. Brent crude, the global standard for oil prices, gave up 77 cents, or 1.2 percent, to $64.74 per barrel in London.

Related News:

  • Justin Timberlake Coy On Super Bowl Halftime Show Details

    Justin Timberlake Coy On Super Bowl Halftime Show Details

    And this Sunday, Justin Timberlake will perform for the third time at the Super Bowl . Check out SportsLine's look at the top 10 craziest prop bets for Super Bowl Sunday.
    Pistons' Drummond to replace injured Wall in All Star Game

    Pistons' Drummond to replace injured Wall in All Star Game

    Wall, an All-Star for the fifth consecutive year, will miss the NBA All-Star Game because of a left knee injury . Drummond is averaging 14.8 points and and leads the National Basketball Association at 15.3 rebounds per game.
    3 dead, 2 injured after helicopter crashes into house in Newport Beach

    3 dead, 2 injured after helicopter crashes into house in Newport Beach

    At least five people were injured after a helicopter crashed into a residential home in Newport Beach, Calif. . No further details were immediately available. "It was a nice helicopter, very well-maintained".
  • Gilead Sciences, Inc. (GILD) Shares Slide on Weak Outlook

    Gilead Sciences, Inc. (GILD) Shares Slide on Weak Outlook

    Migdal Insurance & Financial Holdings Ltd. bought a new position in Gilead Sciences during the second quarter worth $147,000. When applying indicators for technical analysis, traders and investors might want to look at the ATR or Average True Range.
    LoC firing:Army officer among four martyred,three injured in Rajouri

    LoC firing:Army officer among four martyred,three injured in Rajouri

    Last week, the Pak army also targeted military and civilian facilities in almost a dozen areas of the Balakote sector. Several hundreds have abandoned their homes close to the border, leaving behind cattle and crops.
    Windows 10 takes global lead

    Windows 10 takes global lead

    Windows 7 has to ultimately go down regardless of many Windows fans being reluctant about making the big move to Windows 10. Nevertheless, the speed with which Windows 10 has been adopted has been slower than Microsoft initially anticipated.
  • No Mahrez again as Leicester held by Swansea in EPL

    No Mahrez again as Leicester held by Swansea in EPL

    According to BBC Sport , Man City thought Leicester wanted £95 million plus Patrick Roberts in exchange for Mahrez. City were believed to be only willing to pay up to £65m.
    SpaceX rocket not meant to survive somehow manages to anyway

    SpaceX rocket not meant to survive somehow manages to anyway

    SpaceX founder and CEO Elon Musk posted photos of both of the rockets standing on their launch pads prior to either launch. But as SpaceX vaguely said before the mission, it would "not attempt to recover Falcon 9's first stage after launch".
    India looks forward to work with Nepal's democratically: Sushma Swaraj

    India looks forward to work with Nepal's democratically: Sushma Swaraj

    She also congratulated the Left Alliance for gaining victory during the recently concluded elections". Swaraj will call on President Bidhya Devi Bhandari and Prime Minister Sher Bahadur Deuba tomorrow.
  • Haas grabs two-stroke lead in Phoenix

    Haas grabs two-stroke lead in Phoenix

    Like Fowler, DeChambeau carded a second straight 66, making five birdies on the back nine, including two to finish his round. Scott Stallings carded a 65 to join a trio on 134 that also included Chesson Hadley and Chris Kirk, who both carded 68.
    'Disobedience' Trailer: Rachel Weisz and Rachel McAdams Explore a Forbidden Love

    'Disobedience' Trailer: Rachel Weisz and Rachel McAdams Explore a Forbidden Love

    It's due to be released in the latter on 24 August, so here's hoping we'll get a release in Ireland around then too. Rachel Weisz stars as Ronit Krushka, a woman who returns to her hometown in London after the death of her father.
    Manchester United Linked Mesut Ozil Signs New Arsenal Contract

    Manchester United Linked Mesut Ozil Signs New Arsenal Contract

    The Germany global was set to become a free agent in the summer, with many expecting the 29-year-old to join Manchester United. He previously revealed his love for London and Arsenal in an interview with Goal previous year .


Most liked

Manchester United star Alexis Sanchez handed 16 month prison sentence
In July 2016, Lionel Messi was found guilty of three counts of tax fraud, fined and given a suspended 21-month sentence. Manchester United star Alexis Sanchez has been sentenced to 16 months in prison - but will escape any jail time.

Drilling Down Into NVIDIA Corporation (NVDA)
Masimo Corporation, a medical technology company, develops, makes, and markets noninvasive monitoring technologies worldwide. Byron Michael sold $69,943 worth of stock. $186,130 worth of Masimo Corporation (NASDAQ:MASI) was sold by FITCH SANFORD.

Liverpool star Salah names favourite team and players growing up
According to the top 10 betting sites, Salah's only competition for the Golden Boot is Harry Kane and Sergio Aguero. The Egyptian worldwide has scored 29 times for Liverpool since his summer move from AS Roma.

Pakistani community in UAE observes Kashmir solidarity day
Dukhtaran-e-Millat (DeM) in a statement said its activists raised flags and banners and marched at several places on Monday. The CM assured the Kashmiri people that the people of Pakistan will never abandon their unflinching support for them.

Premier League team of the weekend includes Mkhitaryan, Sanchez and Salah

El Kaabi stars as Morocco and Nigeria reach CHAN 2018 final

Religious Group Aims to Ban Rihanna From Senegal

Which channel is Super Bowl 52 on?
The Patriots could look to employ the no-huddle more frequently to limit the Eagles' substitutions if the defense is gassed. It had huge momentum shifts, long touchdowns, a stunning quarterback change, a missed game-winning field goal and overtime.

Paul Ryan Brags About Giving Public School Employee $1.50
The tax bill cost almost $1.5 trillion dollars, while the teacher in question is only seeing $1.50 extra in her weekly paycheck. Ryan on Saturday posted a Tweet noting the secretary's increase and linking to the AP story.

White House to Pull Nominee to Head Environment Council
White on a party-line vote, but her nomination languished at the end of 2017. The Senate Environment and Public Works Committee approved Ms.

United States slams Kenya's opposition leader swearing
But the government has warned that Tuesday's events amount to treason - an offense punishable by death, according to Kenyan law. Kenyatta won an August 8 election that was later nullified by the Supreme Court over irregularities.

The 2018 NBA Slam Dunk Contest field is excellent
One year later and we weren't treated to a rematch between the two, as LaVine decided not to participate in the festivities. He has already surpassed his career single-season high for made three-pointers, which was 149 from previous year .

Man who drove van into London mosque worshippers jailed for 43 years
She said: "My son is always asking where his grandad is and why he can not go to the park every day to play with him any more. He said "Dave" had taken his place in the driver's seat minutes before the attack and was the one responsible.

Pence picks fight with Manchin in West Virginia, Manchin hits back
Thirty-four Senate seats are up for election in November, but 26 of those are held by Democrats. Secretary of Commerce Wilbur Ross will visit Greenbrier County on Wednesday, Jan. 31.

Manchester United's Daley Blind to Roma is 'very difficult' - Danny Blind
Blind, 27, is surplus to requirements at Old Trafford and is viewed as a squad player by Jose Mourinho . Alexis Sanchez is the sole arrival from Arsenal .