US Dow Jones plunges over 1000 points

US Dow Jones plunges over 1000 points

US Dow Jones plunges over 1000 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.

The FTSE 100 slid to a nine-month low while Asian and European markets all saw big losses.

But first: There's a reason this correction feels worse that any correction I can recall in 35 years of watching markets.

US stocks posted sharp gains on Friday, giving investors some solace after a week of huge swings that shook the market out of months of calm that saw the market rise steadily.

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European shares fell 5.3 per cent for the week, which meant they also endured their biggest weekly drop since January 2016, as the gains notched up over nearly half a year of trading were erased in a series of sell-offs.

Both the Dow and S&P 500 lost more than five per cent for the week, as the Dow recorded 1,000-point drops on Monday and Thursday. The blue-chip average suffered its second 1,000-point drop in a week on Thursday. But the plunge has left the S&P 500 "extremely oversold", according to Bespoke Investment Group. The Dow and S&P had lost 10 and 12 percent of its value by Thursday, while the Nasdaq had lost 9.7 percent.

"Equities have traded in a roller coaster fashion all week and today is no exception", said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management.

What has happened to the markets amounts to a correction rather than a crash. The Nasdaq and S&P 500 also jumped upward to end Friday, with 1.4 and 1.5 percent increases, respectively. In 1987, the Dow plunged 508 points in one day-and sustained a loss of 22.6%, the largest one-day decline in the Dow's history.

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Oil prices fell for a sixth straight day, resulting in black gold's worst week in two years.

On Friday, benchmark 10-year notes last rose 4/32 in price to yield 2.8349 percent, from 2.849 percent late on Thursday. For almost a decade, average annual wage growth was a very tepid 2.2 percent.

Expedia (EXP) slumped after its latest earnings fell short of analysts' expectations. The travel website's 2018 outlook also disappointed investors. Its shares sank $19.03, or 15.5 percent, to $104.

The market performance also reflects the strong US and global economies, which have boosted corporate profits. In 2016, Canada's GDP clocked in at $1.5 trillion, while the U.K.'s came in at $2.7 trillion. Natural gas fell 11 cents, or 4.2 percent, to $2.58 per 1,000 cubic feet. I recommended all four funds last March as hedges against a bear market because the funds are highly likely to hold up much better than the major market averages if stocks continue to tumble. Within the first 26 days of this year, the Dow had already surged 7.7 percent.

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At the heart of this week's pullback in the market has been a rise in USA 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.

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