Electronics

United States stocks close with solid gains after volatile session

United States stocks close with solid gains after volatile session

With Asian and European equity markets plunging on Tuesday, New York stocks started their trading day with another jaw-dropping fall as the Dow index dived almost three per cent, adding to the previous day's record loss.

Elsewhere in Asia on Wednesday, Hong Kong's Hang Seng climbed 2.8%, while Australia's S&P/ASX 200 rose 1.3%, and South Korea Kospi index held steady.

The Russell 2000 index of smaller-company stocks sank 56.18 points, or 3.6 percent, for 1,491.09.

The Nasdaq composite fell 273.42 points, or 3.8 percent, to 6,967.53. Four of the panics knocked 10 to 20 percent off stock prices before the market recovered.

On Monday, the Dow suffered its worst one-day point decline, closing down 1,175 points. The decline follows a drop of 666-point in the index on Friday, which is the biggest point drop in a single day since October 2008. Germany's DAX was down 1.9 percent at 12,445.

"Traders have been looking at the market for the past year moving in one direction which was skewed to the upside".

There has yet to be a significant flight to safety - such as gold investments - in a sign that investors are still optimistic over the geopolitical outlook and strong global economy.

"That certainly adds some increased volatility for market participants".

"The sell-off is just a natural response to the moves in the USA", said Richard Jerram, chief economist at the Bank of Singapore.

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Minutes after the European markets opened, there were declines across most sectors. That is painful for Japanese and other regional export manufacturers, whose competitiveness is hurt by stronger currencies that push their prices relatively higher.

"The rise in interest rates is a result of healthy economic growth", wrote Larry Adam, global chief investment strategist at Deutsche Bank Wealth Management, in a note to clients Tuesday. This can exacerbate market falls.

The yield on the 10-year USA treasury note surged to 2.885 per cent overnight, a four-year high, but fell back to 2.841 per cent in the morning. Brent crude, which is used to price worldwide oils, shed 73 cents to $66.89 per barrel.

"Short volatility funds were caught by the spike in the VIX and had to cover", said Greg McKenna, chief market strategist at CFD and FX provider AxiTrader.

In a wild day on Wall Street, the Dow suddenly spiraled down nearly 1,600 points at one moment - in what some analysts said was a computer- and machine-generated drop similar to the Dow's "Flash Crash" back in 2010. The Nasdaq closed up 2.1% and the S&P 500 rose 1.7%. Investors are anxious that rising inflation might push the Federal Reserve to raise interest rates more quickly, which could slow down economic growth by making it make it more expensive for people and businesses to borrow money.

The swoon began Friday as investors anxious that accelerating inflation and higher interest rates could derail the market's record-setting rally. The index also saw its largest daily points drop in its history.

But inevitably investors took advantage of the sharp drop in prices to come back into the market, sending the key indexes higher. USA crude hit a low of about $26 a barrel in February of that year.

Futures markets are pointing to a steady opening on Wall Street, with Dow futures and the broader S&P 500 futures down 0.2 percent and up 0.4 percent, respectively.

Last Friday, traders added to their positions for a faster pace of rate hikes when a robust payrolls report showed wage pressure grew to 2.9 percent in January, the fastest annual rate since June 2009.


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