Dow plunges more than 1100 points in biggest one-day decline


Tuesday's wild trading session saw the Dow swing more than 1,100 points from its low to its high and ended with the benchmark S&P 500 tallying its best day since just before President Donald Trump's November 2016 election.

The S&P 500 is down 92.61 points, or 3.5 percent.

On Thursday, the Dow Jones fell by more than 1000 points for the second time this week, and Asian markets followed the downward trend, with Japan's Nikkei 225 shares index closing down 2.3 percent.

The market, now in its second-longest bull run of all time, had not seen a correction for two years, an unusually long time.

The chart below, from Yardeni Research, shows corrections and bear markets since 2009.

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Few big companies emerged unscathed, with Dow giants Boeing and Caterpillar losing around five percent, around the same range as tech titans Amazon and Facebook.

USA stock indexes slipped into correction territory again with a drop of more than more than 1 percent on Friday, as soaring volatility continued to spook investors.

Energy stocks were dragged down by a 2.4 per cent plunge in oil prices overnight.

During Friday's session alone, the S&P 500 swung from as high as up 2.2 percent to down 1.9 percent, echoing the big swings of the past week. It could prompt the Federal Reserve to raise interest rates at a faster pace, which would act as a brake on the economy.

Already, Wall Street had been expecting $1 trillion in Treasury issuance in 2018, almost double last year's total.

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The Shanghai Composite Index had tumbled as much as 6.0 percent to its lowest since May 2017, and the blue chip CSI300 index dived as 6.1 percent. Four stocks fell for every one that rose on the New York Stock Exchange, and 10 out of the 11 industry sectors in the S&P 500 index were down.

Investors will keep a close eye on the bond market.

IBD'S TAKE: After the Thursday, Feb. 1, market action - and before Friday's and Monday's market drubbings - IBD changed its market outlook to "uptrend under pressure" from "confirmed uptrend", the equivalent of a green light turning yellow. The euro held steady at $1.2248.

United States of America crude hit a low of about $26 a barrel in February of that year.

USA stocks plunged anew on Thursday in another trading session with big swings, as equities remained in a tug-of-war with bond yields, volatility remained high, and investors failed to see a bottom of the market ahead.

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The Australian dollar fell by 1 per cent to 78.2 U.S. cents. It retreated $70 cents on Thursday to $68.81.