Dow Jones drops 832 points in third worst drop in history

New York City. With bond prices dropping interest rates have been surging resulting in the Dow Jones Industrials Average falling over 200 poin

The Dow Jones fell by more than 500 points, a drop of nearly 2pc, while the wider S&P 500 index fell for a fifth day straight, its worst run in nearly two years.

For stock investors, the recent spike in bond yields may be prompting some uncomfortable deja vu. Companies that have been the biggest winners on the market the last few years, including technology companies and retailers, suffered steep declines. The S&P 500 was off by 1.7 percent, putting it on pace for its first five-day losing streak in two years.

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

The Dow slid more than 500 points, or 2.1 percent, in afternoon trading on Thursday. Should the S&P close lower today, it will be the sixth consecutive time, something that hasn't happened since before Donald Trump's election.

Stocks from emerging markets were also hard hit. The pan-European FTSEurofirst 300 index of leading regional shares closed down 1.57 percent.

Investors may want to shift out of momentum and into more defensive stocks - companies that aren't as expensive and also pay healthy, stable dividends.

Shares in Facebook, Amazon, Apple, Netflix and Google's parent company Alphabet - the so-called "FAANG" stocks that have driven USA markets to all-time highs recently - all fell in NY trading.

Rising bond yields have been drawing investors out of the stock market, and the best-performing stocks over the past year took some of the biggest losses Wednesday.

United States government bonds resumed a selloff after rising to multi-year highs last week, with the 2-year yield rising to 2.906%, its highest level since June 2008.

Michael makes its way to ENC
EDT, Michael was centred about 35 miles (60 kilometres) south of Charlotte, North Carolina, with winds of 50 mph (85 kph). Soon enough, Mexico Beach's emerald waters and sugar-sand beaches were covered in a dark sea of debris, Mulligan said.

Some early relief over a tame report on United States inflation gave way to renewed selling.

Insurance companies dropped as Hurricane Michael continued to gather strength and came ashore in Florida bringing winds of up to 155 miles an hour.

The 10-year yield is now 3.20 percent, the highest in than seven years and up sharply form 2.82 percent in late August. Adams, of Bloomberg Intelligence, said investors have concerns about their future profitability, too.

Wall Street stocks has plunged with major indices losing more than three percent in a sell-off prompted by the sudden jump in USA interest rates.

The weakness in tech was led by semiconductor names after Swiss vacuum valve maker VAT Group said demand from chip equipment makers was softening. Amazon, Apple, Alphabet and Facebook all fell by between 2.3pc and 3.9pc.

At 11:22 a.m. ET, the Toronto Stock Exchange's S&P/TSX composite index was down 123.08 points, or 0.79 per cent, at 15,392.22.

"People fear building prices into the system, both from China trade problems, other tariffs the USA has put into place, wage pressure, and today there is a little bit of concern about what the Hurricane in Florida could do to energy prices".

Some analysts have blamed rising interest rates for the selloff. Heating oil fell 1.2 per cent to $2.39 a gallon. Brazil's Bovespa lost 2.5 per cent and the Merval in Argentina sank 2.2 per cent.

The dollar slipped to 112.17 Japanese yen from 112.27 yen late Wednesday. The euro rose to $1.1525 from $1.1496.

Related News:



Most liked

Gas Pipeline Explosion Could Cause Gas Prices to Spike
Restaurants around the province, on the other hand, are looking at ways of using less natural gas. Puget Sound Energy asked its customers in a tweet on Wednesday to conserve natural gas.

Advice from Wicklow County Council as the country prepares for Storm Callum
Arriva is also cancelling services between Llandudno Junction and Blaenau Ffestiniog on both Friday and Saturday. There is a chance of gusts of 70 to 80 miles per hour in the Western Isles during Friday afternoon and evening.

Samsung launches world’s first four-camera smartphone
Moving on from the camera department, the Samsung Galaxy A9 comes with an unknown octa-core processor that's clocked at 2.2 GHz. The Korean company's new phone will also feature mobile payment capabilities and expandable storage of up to 512GB.

Kanye West goes on a freakish rant in the Oval Office
There's no word on if Kid Rock, who was also spotted arriving at the White House on Thursday, was around during the conversation. Kanye was The White House when President Trump signed the 2018 Music Modernization Act (MMA), which was passed by U.S.

Fabinho learning and adapting to Klopp's methods
After starting the season with seven straight victories, Liverpool have now failed to win any of their past four matches.

Google pulls out of competition for $10B Pentagon cloud contract
The tech firm revealed the latest decision hours after confirming it had exposed Google + users' personal data. Google would have bid on the proposal if the project had been split, the company says.

Manchester United under pressure due to poor form - Fred
Mourinho was reportedly angered by Pogba's post-match comments on United's 1-1 draw with newly promoted Wolverhampton Wanderers. He will be there on the pitch and show you the way.

Australian government backs coal despite 'global catastrophe' climate warning
The report also notes that "any remaining emissions would need to be balanced by removing Carbon dioxide from the air". The world is filled with climate-change hypocrites who want America to pay all the costs and make all the sacrifices.

Samsung launches phones with quad, triple cameras
What we can say is that this is a feat of engineering that other companies will likely try to mimic or are already testing. It's also been tipped to feature four rear cameras, and this is after all "A" Galaxy Event.

Pakistan to seek International Monetary Fund bailout to overcome financial crisis
The IMF expects the US economy to grow 2.9 percent this year, the fastest pace since 2005 and unchanged from the July forecast. They show that a burst of strong growth, fueled partly by U.S. tax cuts and rising demand for imports, was starting to wane.

McConnell undermines Trump and Senate Republicans with support for Murkowksi
During the vote, Murkowski withdrew her "no" vote, changing it to "present" instead, effectively pairing it with Republican Sen. Trump used the ceremony as a platform to decry the " campaign of political and personal destruction " waged against Kavanaugh.

Hubble Telescope was set in safe mode due to severe damage
As a result, Hubble is in so-called safe mode with non-essential systems turned off, putting all science observations on hold. The Hubble telescope has three pairs of two gyroscopes, with each pair consisting of a primary and back-up gyroscope.

Tropical Storm Michael Moves Near Western Cuba
Scott will be traveling to Tallahassee today to receive a briefing from federal, state and local emergency management officials. The governor warned that there is potential for "devastating impact to communities across the Panhandle and Big Bend".

Antonio Brown said someone stole $80K, gun before apartment meltdown
Police interviewed the women, who said they had been instructed to clean the apartment by one of Brown's representatives. On April 25, police were called again when Brown reported that his black Rolls-Royce had been stolen.

1 out of 4 Nigerians may develop mental illness ― Adebowale
Adebowale said: "Prevention begins with being aware of and understanding the early warning signs and symptoms of mental illness". A Sadag study shows one out of four employees suffers from a mental health disorder.