U.S. stocks end again with deep losses, Dow -2.1%

12 Octubre, 2018, 01:23 | Author: Arnold Perez
  • AP  File		The interior of the New York Stock Exchange

Technology stocks fell especially sharply.

The Dow Jones Industrial Average was down another 150 points in early trading as investor concerns over rising interest rates and the trade war with China continue to mount, but rebounded quickly, moving into positive territory within 25 minutes as bargain hunters emerged.

During the regular session, the S&P 500 marked its biggest daily percentage fall since February 8 - 3.3 percent - and Nasdaq registered its biggest fall since June 24, 2016 - 4.1 percent - as rising U.S. Treasury yields sent investors fleeing from risky assets. JPMorgan 's Jason Hunter thinks we may have seen the worst of the news from the bond market, as recent action leaves him "looking for yields to form a bullish reversal pattern near current levels and define the cheaper end of the fourth-quarter 2018 to first-quarter 2019 range". Delta Air Lines shares rose 3.8 percent after the airline beat profit expectations.

"When we have a recalibration in values, it's not surprising that it takes more than one day", said Art Hogan, chief market strategist at B. Riley FBR. The Nasdaq composite skidded 92.99 points, or 1.3 percent, to 7,329.06.

After flirting with gains early in the day, the Dow lost as many as 699 points on Thursday afternoon.

Banks are taking some of the biggest losses.

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Eight of the 11 sectors were lower, with only the defensive utilities, real estate and consumer staples sectors higher. Defensive utilities were the only space spared, with tech, the market leader this year, getting hit with some of the worst selling. (NYSE: NKE) and Boeing Co (NYSE: BA), which declined 7 percent and 6.9 percent, respectively. Companies that have been the biggest winners on the market the last few years, including technology companies and retailers, suffered steep declines. But higher interest rates can slow economic growth and erode corporate profits. She said they also fear that company profit margins will be squeezed by rising costs, including the price of oil.

Japan's benchmark index tumbled about 3.9 percent, while China's key index fell 4.3 percent. Add Stock Market as an interest to stay up to date on the latest Stock Market news, video, and analysis from ABC News.

Sears Holdings plunged 32 percent after the Wall Street Journal said the debt-laden retailer was preparing for a possible bankruptcy. Sears has closed hundreds of stores and sold several famous brands or put them on the block as it sees more customers abandon its stores.

The dollar index fell 0.31 per cent, with the euro up 0.4 per cent to $1.1564.

The two-day 4.7-percent drop in the SPDR S&P 500 ETF (NYSE: SPY) comes after the S&P 500 gained 22.2 percent in the previous 18 months.

The dollar fell to 112.59 Japanese yen from 113.05 yen late Tuesday.

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