Stocks end tumultuous week on an up note

Markets Stabilise After Turbulence Last Week

Traders work on the floor of the New York Stock Exchange (NYSE) moments before the Closing Bell on February 8, 2018 in New York City.

AUSTRALIAN shares have again slid in early trade following a fresh plunge on Wall Street overnight, while the Aussie dollar has retreated below the 78 United States cents level.

The Dow Jones Industrial Average plunged more than 1,000 points for the second time in four days and stocks overall suffered their fifth loss in the last six days.

Shares were lower in all Asian markets after Wall Street officially began its first correction in two years, though losses were moderate with no sign of panic selling.

Thursday's losses in the S&P 500 put the market into "correction" territory, meaning stocks had fallen 10 percent from their January 26th high.

The Dow suffered its worst daily point drop on record Monday, and briefly fell almost 1,600 points intraday.

The Dow Jones industrial average had been down 500 points before swinging to a 330-point gain.

The Standard & Poor's 500 index gave up 77 points, or 2.9 percent, to 2,603. The March crude contract was down US$1.95 to US$59.20 per barrel on Friday. "There's a fair amount of volatility in the market, and our belief is the volatility is leaving investors riddled with stress and uncertainty, which is likely to continue". The Dow stormed back for a gain after losing more than 500 points.

The US stock market slump continued, with the Dow Jones tumbling 587 points at 24,305 at the time of writing.

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The yield on the USA 10-year Treasury bond touched a four-year high before falling back to 2.83 percent.

Other companies rose after reporting quarterly results and outlooks that beat Wall Street's forecasts. Hong Kong's Hang Seng index lost 2.5 percent. Social-media company Twitter posted its first profit, and Yum Brands, Cardinal Health and Tyson Foods also exceeded earnings expectations. It's still up 15 percent over the past year.

In currency markets, the Canadian dollar closed at an average trading value of 79.46 cents United States, down 0.25 of a USA cent.

Fears about inflation and soaring bond yields drove the Dow down about 1,300 points on the week.

The Nasdaq declined 366.45 points, or 5.1 percent.

Bear markets are far less regular than corrections, and far more worrying. Britain's FTSE 100 fell 1.5 percent and the French CAC 40 lost 2 percent.

USA stocks started to tumble last week after the Labor Department said workers' wages grew at a fast rate in January.

All major sectors were down Thursday, with technology, real estate and financials leading the plunge, signaling investor unease around interest rates and the prospect of higher inflation.

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