Wall Street rebounds but posts worst week in two years

Wall Street rebounds but posts worst week in two years

Wall Street rebounds but posts worst week in two years

The Dow Jones industrial average fell 50 points, or 0.2 percent, to 24,122.

Analysts cited higher Treasury bond yields as the catalyst for the drop, coupled with the view that the market surged to unsustainably high levels in December and January in the euphoria over United States tax reform.

The last time the S&P 500 entered a correction was early 2016, and that came on the heels of another selloff in August of 2015.

Heavy selling in the U.S. Treasury market caused the 10-year yield to spike to 2.85 percent last week, worrying Wall Street about inflation and faster rate hikes from the Federal Reserve.

At midday, the market was on pace for its worst weekly decline since October 2008, at the height of the financial crisis. You might have had day traders trying to get out at the end of the day. The Dow moved in a range of more than 1,000 points.

The broad-based S&P 500 sank 3.8 per cent to 2,581.00, while the tech-rich Nasdaq Composite Index plunged 3.9 per cent to 6,777.16.

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The Dow and the Standard & Poor's 500 index are now 10 percent below the record highs they reached just two weeks ago.

Investors have jumped on the data as the trigger for a correction in equity markets.

The Dow gained 330.44 points, or 1.4%, to 24190.90.

Technology companies accounted for most of the broad gains, outweighing losses in energy stocks, which slumped as USA crude prices declined, sending the price of oil below 60 dollars a barrel for the first time this year.

Investors are anxious about bond markets, higher inflation and interest rates, CBS2's Alice Gainer reported.

That means they are in what is known on Wall Street as a "correction", their first in nearly two years.

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Skechers USA climbed 2.88 dollars, or 7.5%, to 41.06 dollars.

Expedia slumped after its latest earnings fell short of analysts' expectations.

US Securities and Exchange Commission Chairman Jay Clayton said he "can't really say" what caused the dramatic drop in stock prices during recent trading sessions, but that all signs indicate financial markets are functioning normally.

Stocks in Europe also fell Monday, as Britain's FTSE 100 lost 1.5 per cent while France's CAC 40 slid 1.5 per cent.

Over the past week, stock markets around the world have lost about $US4 trillion from the global sell-off - which is about 44 times more than Bill Gates' total wealth.

The S&P 500 and other major averages had already reversed lower Wednesday in part as the increased spending agreement took hold lifting yields.

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