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.

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