Markets

Wall Street ends whipsaw week on upbeat note

Wall Street ends whipsaw week on upbeat note

The benchmark S&P 500 and the Dow industrials confirmed they were in correction territory, both falling more than 10 percent from their January 26 record highs.

The Dow dropped 1,032 points, or 4.1 percent, to 23,860.

While Wednesday's trading lacked the wild swings of the prior two sessions, the Dow industrials moved in a more than 500-point range, more than three times the average daily swing over the past year.

The chart below, from Yardeni Research, shows corrections and bear markets since 2009.

U.S. crude fell 1.99 percent to $64.15 a barrel, while Brent fell 1.4 percent to $67.62.

Waite says for long-term investors, Monday's changes shouldn't have a big impact on their investments because highs and lows are expected with the stock market. But stock prices climbed faster than profits in recent years.

The global sell-off began last week after a solid United States jobs report fuelled expectations that the Federal Reserve would need to raise interest rates faster than expected, because of the strength of the economy.

In the U.S., the Dow Jones ended Thursday's trading session 4.2% lower at 23,860, and the wider S&P 500 index closed down 3.8%.

Cathy, actor from House of Cards, dead at 59
Reg won his first Emmy Award for his portrayal of Freddy, the owner of Frank Underwood's favorite BBQ restaurant . Franklin Storm (traditionally a white character); having his "children" Sue (Kate Mara) and Johnny (Michael B.

The S&P 500 gave up 100 points, or 3.8 percent, to 2,581. "As that gets more expensive it'll start to put more pressure on the stock market".

Stocks are opening higher on Wall Street as the stock market recovers some of the massive losses it has suffered over the past week. The Nasdaq rose 69 points, or 1 percent, to 6,847.

Even with tax cuts, the risk that wage growth will feed through to higher inflation has appeared modest enough for investors to mostly discount, as consumers have grown to expect internet price transparency and the ever-expanding reach of Amazon.com (AMZN) to keep inflation in check. It rose by as much as 381 points at its peak, but also fell by as much as 127 points at its lowest ebb.

In currencies, the dollar edged up 0.2 percent to 108.985 yen, after slipping 0.5 percent overnight.

After a sharp loss Wednesday, benchmark US crude lost 64 cents, or 1 per cent, to $61.15 a barrel in NY.

The pullback came amid another spurt higher in Treasury bond yields, a focal point for investors concerned that the Fed may accelerate rate hikes if inflation rises suddenly. Brent crude fell for a sixth straight day too to 0.7 percent to $64.37 per barrel.

Trader Jonathan Corpina, center, works on the floor of the New York Stock Exchange, Thursday, Feb. 8, 2018. Heating oil lost 1 cent to $1.92 a gallon.


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