North American stocks plunge, Dow and S&P 500 enter correction territory

North American stocks plunge, Dow and S&P 500 enter correction territory

North American stocks plunge, Dow and S&P 500 enter correction territory

Just when it looked as if the stock market scare was over, fears over higher interest rates spooked investors once again, pushing the Dow Jones Industrial Average down more than 1,000 points on Thursday.

The Dow's free fall Monday, which erased its gains for the year, caused a rift in global trading Tuesday - with the Stoxx Europe 600 dipping 2.2 percent and markets in Japan and Hong Kong falling about 5 percent. The Dow recorded 1,000-point drops on Monday and Thursday.

The S&P 500 rose 19.12 points, or 0.70 per cent, to 2,714.26 and the Nasdaq Composite was up 22.72 points, or 0.32 per cent, at 7,138.60.

The 30-stock Dow's early free fall Tuesday briefly pushed it into "correction" territory for the first time in two years after it dropped 10% from its recent record high on January 26. The country's 10-year yield almost surpassed a four-year high of 2.885 percent in the morning trading Thursday, a level that helped trigger a global sell-off in equity markets on Monday.

United States stocks finished lower on Wednesday after early gains, with investors remaining cautious after the recent market slide and hedging their bets.

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Traders are still braced for more volatility as they try to figure out if the swings of the past week are the start of a deeper correction or just a temporary blip in the U.S. market's nine-year bull run.

USA stocks entered a formal correction Thursday, as two weeks of steep losses have cost two major index at least 10 percent of their value.

USA stocks shot higher in afternoon trading as the market looks to recover from its biggest loss in 6 ½ years.

The Dow Jones Industrial Average sank a total of 1,032.89 points, or 4.1 per cent, to 23,860.46 - bringing the week's total down by 1,660.50 points, or 6.5 per cent.

Rising U.S. yields gave the dollar some support in early Asian trade, but it lost ground later in the session. The contract dropped $1.60, or 2.5 percent, to finish at $61.79 a barrel on Wednesday. The yield on the 10-year note was as low as 2.04 percent as recently as September. "The thing to watch is if we see the 10-year Treasury yield move, it will cause more pain in the stock market".

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USA 10-year yields were at 2.789 per cent, up from 2.766 per cent yesterday.

A correction is less severe than a bear market, when stocks decline 20% from their recent highs.

The Dow Jones industrial average is up more than 300 points in early trading Friday, a day after it suffered its second 1,000-point drop in a week. It was up as much as 349 shortly after the opening bell.

The Standard & Poor's 500 index was up 12 points, or 0.5 percent, at 2,662.

ASX futures have dropped by 64 points, or 1.2 per cent, which points to a steep tumble for Australian shares this morning.

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