Stocks take another tumble, Dow dives more than 1000 points

Screen Shot 2018 02 08

The S&P 500 jumped 38 points to close at 2,641, and the Nasdaq vaulted 97 points to 6,874, up 1.44 percent from the previous day.

The Dow gained 130 points, or 0.5 percent, to 23,990.

Tuesday's rebound came a day after a steep selloff that brought the biggest percentage daily declines for the S&P 500 and the Dow since August 2011 and a near 1,600 point intraday loss for the Dow. The Pan-European STOXX 600 was off.70 percent and Britain's FTSE was down 34 points, or.49 percent.

The Standard & Poor's 500, the benchmark for many index funds, is also 10 percent below the record high it set two weeks ago.

In the United States, 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%.

In the latest day of strong trading volume, about 12 billion shares changed hands in USA exchanges on Friday, well above the 8.5 billion daily average over the last 20 sessions.

A 4 percent drop in Chinese shares dealt reeling world stock markets a fresh blow on Friday, as nerves about rising borrowing costs and soaring volatility put them on course for their worst week since the height of euro zone crisis.

Bond yields in the United States have also risen in recent weeks, typically a signal of higher rates.

The Dow is down 858.76 points, or 3.5 percent. It was up as much as 349 in early trading.

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Declining issues outnumbered advancers on the NYSE by 1,770 to 1,076.

"In the context of the rises we've seen, certainly this kind of pull-back of 5-10% is quite normal for markets - it just hasn't been normal for the last couple of years where we've seen very low levels of volatility and very small levels of weekly or monthly moves".

The question now is whether "this draws a line under the recent stock market correction or whether this is merely a dead cat bounce", analysts wrote.

The Russell 2000 is down 71.72 points, or 4.7 percent.

"That's part of this recalculation that has gone on in the market: How do we factor in higher bond yields?" said Willie Delwiche, investment strategist at Baird in Milwaukee.

Asian markets saw hefty falls overnight, while in the U.S. on Thursday the Dow Jones fell by more than 1,000 points for the second time this week.

For MSCI's broadest index of world shares, the 47-country ACWI the slump was 6.2 percent, which as long as it is still more than 6.1 percent when US markets close later will be the biggest loss since September 2011.

FedEx and UPS dropped about 2 percent after the Wall Street Journal reported Amazon.com Inc will be launching its own delivery service.

The yield on the 10-year Treasury note rose to 2.86 percent.

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