U.S. stocks end again with deep losses, Dow down 2.1%
12 October, 2018, 04:42 | Author: Sara Gill
The losses were widespread, and stocks that have been the biggest winners on the market the last few years, including technology companies and retailers, suffered steep declines. Over the past two days, it has lost more than 1,300 points.
Meanwhile, the Wednesday drop of almost 832 points was the third-worst point decline in history.
"I don't see evidence right now that this is a one-off event", he said. In theory, banks should do better if the Fed keeps raising interest rates and bond yields climb higher since it will make their loans more profitable.
"A sustained rise in rates is probably reflective of improving economic conditions, so that in and of itself isn't necessarily a bad thing for stocks", said Willie Delwiche, investment strategist at Baird in Milwaukee.
The benchmark S&P 500 index rose in morning trading, but ultimately gave up 57.31 points, or 2.1 percent, to 2,728.37, its lowest close in three months.
The small-cap Russell 2000 index, which is less sensitive than its larger peers to global worries such as trade and yields, was down 1.18 percent.
US crude dropped 3 percent while Brent crude, the worldwide standard, dropped 3.4 percent. And if history is any guide, we won't have to endure too much, as the S&P has been up an average of 14.5% a year after all midterm elections going back to 1946, while all 18 midterms saw higher returns 12 months later, he notes. Delta Air Lines shares rose 3.8 percent after the airline beat profit expectations.
The Nasdaq composite, which has a high concentration of technology companies, had its biggest loss in more than two years.
Volume on USA exchanges was 11.44 billion shares, its highest level since February and compared with the 7.65 billion-share average for the full session over the last 20 trading days.
Wall Street indexes continued their slide in Thursday's volatile session as investors anxious about rising interest rates and braced for a trade war hit to corporate earnings a day ahead of the quarterly reporting season kickoff.
"The Fed is making a mistake". "It's a correction that we've been waiting for, for a long time".
The International Monetary Fund and the World Bank hold an annual gathering in Indonesia.
That is a potential sign of investor complacency.
Yi did not tell reporters how the meeting with Mnuchin went on Thursday, but told the Chinese financial magazine Caixin that China was on course to hit its GDP growth targets despite concerns about the trade war and debt levels. After years of big gains, those stocks are now out of favor.
He said he wanted to discuss the currency with Beijing as part of the trade talks. China has been the main target for these rules. During the session it fell as much as 10.3 percent from its August 29 closing record high but ended the day 9.6 percent below the record.
This ongoing friction is likely to suppress markets for some time, analysts said.
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