USA stocks snap higher a day after entering a 'correction'

USA stocks snap higher a day after entering a 'correction'

USA stocks snap higher a day after entering a 'correction'

While the market failed to hold on to the early gains, the mood has calmed significantly. Less than two weeks ago the Dow closed at a record high of 26,616, according to CNN Money.

"The catalyst for the biggest US equity sell-off for six years is being blamed on a delayed realization that inflation pressures are rising perhaps more quickly than anticipated", said James Knightley, economist at Dutch bank ING.

The gyrations come a day after panic appeared to course through Wall Street, with the Dow plunging a record 1,175 points on Monday.

The volatile trading session on Tuesday followed a two-day rout that wiped out the year's gains.

The Dow ended with a small decline Wednesday, failing to build on a big rebound from the day before as turbulence continued to upend financial markets.

"The market is looking for a new sustainable valuation level for both stocks and bonds, and that to me is the underlying catalyst", said Jim Paulsen, chief investment strategist at Leuthold Grup in Minneapolis. Brent crude gave up 70 cents, or 1.1 percent, to $US64.81 per barrel.

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

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Apple was up 2.6% Tuesday afternoon, with Netflix, Amazon and Facebook all in the green as well.

The Dow Jones industrial average lost 400 points, or 1.6 percent, to 24,491. The last market correction ended nearly two years ago.

President Trump, who has taken credit for a strong stock market this year, did not comment directly today on the DOW.

In other words, the current drop has not even hit "correction" territory yet, which is a 10% drop from market highs.

"While volatility in the markets has eased over the last couple of days, it has remained at very high levels - probably a sign of the ongoing nervousness among investors which may leave markets vulnerable to further declines", Craig Erlam, senior market analyst at Oanda, said in a note. MSCI's broadest index of Asia-Pacific shares outside Japan closed 0.4 percent lower.

The Dow was up 141 points, or 0.6 percent, at 24,483.

US crude oil fell 76 cents, or 1.2 percent, to close at $63.39 a barrel in NY.

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In Toronto, the S&P/TSX composite index was down 264.97 points, or 1.73 per cent, to 15,065.61, in a broad-based decline.

It's unclear if the global markets are really moving in "lockstep", as some observers have suggested, but uncertainty abounds.

While Wall Street has been calling for a correction for some time, given the market's euphoric rise, the fall has been more violent and quicker than anticipated. The Nasdaq composite is close, but not all the way there, down 9.7 percent from its record.

Trading was 50 per cent higher than average.

CURRENCIES: The dollar edged up to 109.38 yen from 109.33 yen. The euro slipped to $1.2372 from $1.2377.

American employers are hiring at a healthy pace, with unemployment at a 17-year low of 4.1 percent.

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