Dow industrials sink 831 points as tech stocks plunge
11 Octobre, 2018, 20:12 | Auteur: Auguste Feret
USA market indexes continued their risk-off selling with all of the major indexes closing with losses.
The index was down 832 points, or 3 percent, at the end of trading Wednesday.
Wall Street stocks plunged Wednesday, with major indices losing more than three percent in a selloff prompted by the sudden jump in US interest rates.
The Dow and the S&P 500, the benchmark for many index funds, lost more than 3 per cent.
Apple and Amazon, the two most valuable companies in the S&P 500, each had their worst day in 2½ years. The FAANGs, spread over three sectors, were down between 1.4 percent and 5.4 percent.
Canadian stocks also fell on Thursday, weighed down by a more than 2-per-cent drop in healthcare and energy stocks amid a broad based sell-off in global equities.
Facebook fell 4.1 percent while Netflix and Google parent Alphabet were down 8.4 percent and 5.1 percent, respectively.
"Both companies highlighted rising costs, not only input costs but increasing operating expenses [and] marketing expenses", she said.
Insurance companies dropped as Hurricane Michael continued to gather strength and came ashore in Florida bringing winds of up to 155 miles an hour. Technology companies were among the losers, with the Nasdaq Composite dropping more than 2% to 7,575.34.
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The biggest driver for the market over the last week has been interest rates, which began spurting higher following several encouraging reports on the economy. But higher interest rates can slow economic growth and erode corporate profits.
Benchmark U.S. Treasury 10-year notes rose 14/32 in price, pushing their yield down to 3.1724 percent. Think of it this way, if the Treasury issues a $1000 bond paying 3 percent interest, investors will not pay $1000 for an older bond paying 2 percent interest. Adams, of Bloomberg Intelligence, said investors have concerns about their future profitability, too.
It will take more than a daily stock market correction to stop the Fed from hiking, said George Goncalves, managing director and head of fixed income strategy at Nomura in NY. And right now tech stocks-like the trillion-dollar Apple-have dominated a significant part of the rise in value of the market as a whole. Sears has closed hundreds of stores and sold several famous brands or put them on the block as it sees more customers abandon its stores.
Benchmark US crude oil fell 2.4 per cent to US$73.17 a barrel in NY.
Amazon has soared 50 percent this year, but its stock has fallen 14 percent from its all-time high in early September.
The Australian dollar slipped against major currencies, down to 70.7 United States cents, 53.6 British pence, 61.4 Euro cents and 79.5 Japanese yen.
The euro and sterling rose, underpinned by optimism for a Brexit deal, while the USA dollar lost ground against a basket of currencies even as US yields hovered near multiyear peaks.
In tests on injured rats, it quickened the regrowth of nerves in the legs leading to the recovery of muscle strength. The new device, described in the journal Nature Medicine , is powered wirelessly by a transmitter outside the body.
And to those critics who are so pessimistic about our economy, I say: Don't be economic girly men", he'd proclaimed. The woman I was originally most in love with was my mother. "I always had respect for women".
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Qu'à cela ne tienne, la sécurité du magasin a considéré qu'Emilie et son père tentaient de dérober... quatre tupperwares en verre. L'histoire fait le tour de la toile. "Nous nous engageons à retirer notre plainte et nous présentons nos excuses".
I've been quite consistent with my play, but I didn't have enough good finishes on the board, after the win at the CIMB Classic . But this stretch for me, no doubt, is very, very important. "Obviously all three events are big events".
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