Wall Street opens higher; Dow rises over 200 points

Wall Street opens higher; Dow rises over 200 points

Wall Street opens higher; Dow rises over 200 points

Traders work on the floor of the New York Stock Exchange (NYSE) moments before the Closing Bell on February 8, 2018 in New York City.

Most notably, the Dow Jones Industrial Average, an index of 30 leading USA shares, suffered two days of 1,000-point-plus declines. Elsewhere in Asia, Seoul's Kospi 1.8 percent to 2,363.77 and Sydney's S&P-ASX 200 lost 0.9 percent to 5,838.00.

The market began falling in the first few minutes of trading, and the pace of the declines worsened as the day wore on.

US stocks indexes were little changed in volatile trading on Friday, after jumping more than 1 per cent at the open and then briefly turning negative, as the market struggled for direction.

The stock market is trying to avoid its worst week since the 2008 financial crisis.

AUSTRALIAN shares have again slid in early trade following a fresh plunge on Wall Street overnight, while the Aussie dollar has retreated below the 78 USA cents level.

The Dow Jones industrial average plunged more than 1,000 points as a weeklong market swoon continued. The S&P 500 and Nasdaq also rallied into positive territory.

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Several other strategists, however, have said this is an opportunity to "buy the dip". "There's a fair amount of volatility in the market, and our belief is the volatility is leaving investors riddled with stress and uncertainty, which is likely to continue".

The Standard & Poor's 500 index slipped 2 points, or 0.1 percent, to 2,679.

The Nasdaq gained 97 points, or 1.44 percent, to close at 6,874.

Stocks swung dramatically between gains and losses Friday, an appropriate end to a week that featured numerous big point swings.

U.S. Treasury prices settled higher note, with the benchmark 10-year yield sliding 2 bps to 2.83% and the two-year yield dropping 7 bps to 2.06%. On the Nasdaq, 1,579 issues fell and 1,259 advanced. The travel website's 2018 outlook also disappointed investors.

The last one happened during the 2008 financial crisis and lasted until March 2009 when the S&P sank almost 57 percent from peak to trough, according to Yardeni Research.

United States stocks began to wobble last Friday after a healthy U.S. labor market report sparked a spike in bond yields and fears of rising inflation. Germany's Dax index slid 0.3% and France's Cac 40 index was 0.4% lower. Britain's FTSE 100 shed 1.1 percent. Tokyo's Nikkei 225 lost 2.3 percent and Hong Kong's Hang Seng gave up 3.1 percent.

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At the heart of this week's pullback in the market has been a rise in US bond yields due to growing expectations that a robustly performing economy will lead to higher inflation and a steady rise in official interest rates over this year.

The Vix, Wall Street's so-called fear gauge, rose more than 20 per cent to a level of 33.

Analysts say market participants are concerned about rising interest rates, inflation and ballooning government debt.

The up-and-down trading Friday came a day after the market entered its first correction in two years.

The market turmoil follows a prolonged period of booming stock prices with virtually no sharp declines.

The Dow and the S&P 500 both ended the week 5.2 percent lower - their largest weekly percentage drop since January 2016. Since three months earlier, the S&P Global BMI has added $9.5 trillion, while the S&P 500 has added $3.6 trillion.

"If you put $100 into the market at the January 26 peak, you'd still have $90", said Greg McBride, chief financial analyst for Bankrate.com.

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