Dow Falls 545 Points In 6th Straight Day Of Market Losses

The Dow tumbles more than 400 points

Wall Street stocks plunged Wednesday, with major indices losing more than three percent in a selloff prompted by the sudden jump in United States interest rates.

US stocks are falling again a day after their biggest drop since February. Apple and Amazon both had their worst day in two and a half years. Brent crude, the worldwide standard, dropped $1.58 to $81.51 a barrel.

U.S. stock indexes dived around 1 percent on Wednesday as worries over China and the impact of rising Treasury yields on global growth drove falls in luxury goods companies and chipmakers.

Big moves in interest rates tend to unsettle investors, and they can also push them to sell stocks and buy bonds instead. The Dow's biggest losers included Nike, Inc.

Rising interest rates from the Fed and a tight employment market don't reassure investors, either.

"The tax cuts juiced earnings this year and that's not sustainable", he said.

"As stocks go up, tech goes up more than the stock market".

The S&P 500 shed 2.05% to below its 200-day moving average, extending its longest losing streak since the 2016 election. In 1987, stocks dropped more than 20 percent on a single day-Black Monday, Oct. 19-after a strong rally crashed into the Persian Gulf turmoil and trade deficits.

The Nasdaq fell 92 points, or 1.3 percent, to 7,329.06.

The Dow Jones Industrial Average fell 198.28 points, or 0.77 per cent, to 25,400.46. After years of big gains, those stocks are now out of favor.

Microsoft dropped 4 per cent to $107.82. Amazon and Alphabet, respectively the second- and fourth-most valuable USA companies, are in what's known as a "correction", a drop of more than 10 percent from a recent peak.

Will Panthers DB Eric Reid protest during national anthem?
Manning finished 22 of 36 for 326 yards with two touchdowns and two interceptions, both by Panthers 37-year-old safety Mike Adams. He also got some help via a monster pancake-block on a Giants defensive lineman by none other than quarterback Cam Newton .

The two-year yield soared to its highest mark since 2008. Alphabet has dropped 15 percent since late July.

Luxury retailers tumbled. Tiffany plunged 10.2 percent to $110.38 and Ralph Lauren fell 8.4 percent to $116.96.

The 10-year Treasury yield rose to 3.22 per cent from 3.20 per cent late Tuesday after earlier touching 3.24 per cent. Delta Air Lines shares rose 3.8 percent after the airline beat profit expectations.

Some analysts have blamed rising interest rates for the selloff. But the decline in yields didn't help stocks Thursday. Higher rates increase borrowing costs, pinching corporate profits. "That suggests the Fed will keep raising rates, and that's taking the wind out of the stocks that have done the most, particularly in the tech sector". Only 17 stocks in the S&P 500 wound up with a gain.

Sears Holdings nosedived after the Wall Street Journal reported that the struggling retailer hired an advisory firm to prepare a bankruptcy filing that could come within days. The index fell by more than 3%.

West Texas Intermediate has shed almost $4 a barrel since Tuesday, marking its steepest two-day decline in more than three years. 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.

US crude settled down $1.79 at $73.17 per barrel and Brent fell $1.91 to settle at $83.09. Brent crude, the global standard, lost 2.2 per cent to $83.09 a barrel in London. It has climbed 27.5 percent since Donald Trump was elected, and is still up 2.1 percent in 2018. Amazon, Apple, Alphabet and Facebook all fell by between 2.3pc and 3.9pc.

The S&P's 11 major sectors all ended the day in the red with only the communications services sector managing a decline of less than 1 percent. USA gold futures settled up $1.9, or 0.16 percent, at $1,193.4. Silver dipped 0.5 per cent to $14.33 an ounce.

In health care, CVS sank 7.2 percent to $73.25 and Aetna sagged 2 percent to $199.37 after the New York Post said New York state regulators have concerns about CVS' purchase of the health insurer.

The Mortgage Bankers Association's mortgage applications index was down -1.7%. Markets in France, Britain and Germany fell after stocks declined sharply in Hong Kong and Japan.

Concerns about U.S. -China ties weighed heavily, too. Brazil's Bovespa lost 2.5 per cent and the Merval in Argentina sank 2.2 per cent.

Related News:



Most liked

Images surface of alleged Saudi ‘assassination squad’ following writer’s disappearance
More than a week has passed since Saudi writer Jamal Khashoggi has vanished since visiting the Saudi Arabian embassy in Istanbul. The two soon agreed to marry, but in order to do so he needed to finalise his divorce with his first wife in Saudi Arabia.

Things You Might Not Know About Princess Eugenie
They weren't included in Harry and Meghan's wedding so they're sure to be excited about the second royal wedding of the year.

‘Venom’ Launches to $80 Million, ‘A Star Is Born’ Draws $42.6 Million
Third place went to Warner Bros.'s "Smallfoot", with earnings of $14.9 million in its second weekend. And that's without China, where a premiere date is still set to be announced.

The Pixel Slate is Google’s new tablet offering
Google Pixel Slate Chromebook, codenamed Nocturne, is nothing else than the 2018 remake of the Pixelbook , the Google tablet PC. Google Home Hub acts as smart hub for all connected devices like thermostat and smart bulbs in the house.

Jimmy Butler Watch: Tom Thibodeau Just Doesn't Want Him To Go
According to Adrian Wojnarowski of ESPN , the Timberwolves are asking for proven veterans, future assets, cap space and prospects. One can only hope that the next team doesn't have to give up so much for Butler, especially in a contract year.

‘Embarrassing’: Yanks routed by Red Sox 16-1, trail ALDS 2-1
We have a great team, a great lineup and great starting pitching, so I think coming home is going to be good for us. Sabathia appealed a five-game suspension from Major League Baseball that would not take effect until next season.

Uncertain future for survivors in quake-shattered Indonesian city - Ireland
Figures for more remote areas, some still cut off by destroyed roads and landslides, are only trickling in, if at all. Indonesia has traditionally been reluctant to be seen as having to rely on outside help for natural disasters.

Second Skripal poisoning suspect revealed as 'Russian doctor'
Last week, the Justice Department filed criminal charges against seven members of the GRU, accusing them of hacking into the U.S. Mishkin's GRU rank was unknown, it added, but based on his 15-year service was likely to be lieutenant colonel or colonel.

Melania rounds off tour in Egypt
The First Lady was photographed wearing a white pith helmet while on a safari in Nairobi National Park in Kenya. She began her four-country tour of Africa on October 1 where she visited Ghana, Malawi, Kenya and Egypt .

Google October 9 event: Pixel 3, Pixel Slate, and a last-minute surprise
This should not be so surprising, since Google has specific recommendations on how Android P should support the notch design. The Engadget editor also mentions the single 12.2MP rear camera and dual 8MP front-facing camera on the Pixel device .

First Alert Weather: Michael forecast to become a major hurricane, impact Suncoast
A bulletin from the National Hurricane Centre in Miami said the centre of Michael was passing the western tip of Cuba yesterday. Hurricane conditions will spread across the far western part of the Cuban province of Pinar del Rio this afternoon and evening.

Google+ Is Finally Shutting Down, And It’s About Time
In a statement, Google officials said there were other reasons for withholding public disclosure of the data exposure. However, Google says that there is no evidence that any third-party developers were aware of the bug or abused it.

Barbie launches doll based on Jodie Whittaker's Doctor Who
It's not just my friends and I who dug it, though, as it's looking like fans across the world thought it lived up to the high expectations .

Liverpool, City in Anfield stalemate, Hazard lifts Chelsea
Liverpool , now without a win in four games , struggled to test the City goal, leaving goalkeeper Ederson largely untroubled. However, Klopp's exciting progress with this team means that this group has to deal with more scrutiny.

Pompeo meets North, South Korean leaders
South Korean foreign minister Kang Kyung-wha has given a hint of what a grand bargain between the two countries could look like. Still, given the president's newfound expression for Kim - claiming during the U.N.