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Wall Street recovers, dives as volatility continues

Wall Street recovers, dives as volatility continues

To put that in perspective, investors lost only around $500 billion in stock market wealth in 1987's Black Monday market crash.

Often referred to as the Dow, the Dow Jones Industrial Average or DJIA, is the oldest and most watched indices in the world, according to Investopedia.

As the stock market fell on Monday, the White House said the fundamentals of the USA economy are strong. That's less than the 10 per cent drop that is known on Wall Street as a "correction".

The local currency was trading at 77.89 United States cents at 1030 AEDT on Friday, from 78.25 on Thursday.

The Standard & Poor's 500 index, a broader market barometer that many index funds track, climbed 46.20 points, or 1.7 percent, to 2,965.14.

NEW YORK -The Dow Jones industrial average plunged more than 1,000 points as a weeklong market swoon continued.

The Dow briefly crossed into correction territory earlier in the day's trading, down more than 10 percent since its January 26 high.

The S&P energy index was up more than 1 per cent, led by Anadarko Petroleum's 5 per cent gain and an uptick in oil prices.

Though many stock indexes are close to where they started the year, the losses mark a reversal of fortune following a sustained period of gains, a pullback that some market pros have been predicting for some time.

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The deal would lift spending caps on USA defence and domestic programmes by about $300bn, AP news agency said this week. House Minority Leader Nancy Pelosi said Wednesday she will not support the package until Speaker Paul D.

Boeing rose 2.7%, providing the biggest boost to the Dow, while Amazon's 1% rise helped lift the S&P 500. All other Asian markets tanked, too, including the Shanghai Composite index, which closed 3.4 percent lower at 3,370.65 and Hong Kong's Hang Seng, which skidded 5.1 percent to 30,595.42.

The Dow Jones Industrial Average had 80 percent of its value wiped off after the economy began contracting and investors lost confidence.

Stocks started to fall in early trading and extended their losses throughout the morning. Investors worry stimulus from the tax cuts and the added government spending will overheat an already strong economy, pushing up wages and prices and sparking inflation. That's also a big change: The market has been stable in the previous year because every time it inched lower, investors swooped in looking for bargains and soon sent them higher again.

The previous largest point drop for the Dow was 778 points in September 2008, in the midst of the financial crisis.

The S&P 500 posted three new 52-week highs and three new lows; the Nasdaq Composite recorded 28 new highs and 42 new lows. The losses were steady, unlike the sharp swings seen over the past few days. It's still up 15 percent over the past year. Those included technology companies, banks, and retailers and travel companies and homebuilders. At the close, the company's shares rose 2.27 percent to close at 11.25 dollars apiece.

The previous holder of that dubious honor was September 29, 2008, when the Dow dropped 777.68 points after the first version of the TARP bailout program failed in Congress. Britain's FTSE 100 fell 1.5 percent.

Declining issues outnumbered advancing ones on the NYSE by a 8.64-to-1 ratio; on Nasdaq, a 6.92-to-1 ratio favored decliners.

Stocks are sliding further on Wall Street, putting the market on track for its second big weekly drop in a row.


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