Wall Street tumbles again as S&P, Dow confirm correction

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We're now going to see what happens when Wall Street has the flu, says one market watcher. European shares closed down more than 2 per cent, and losses for the MSCI 47-country world index broke $US4 trillion.

The closing numbers are displayed after the closing bell of the Dow Industrial Average at the New York Stock Exchange on Wall Street on February 8, 2018 in New York.

In Tokyo the Nikkei 225 index rose 1.1 percent.

The index closed trading 1,177 points lower, erasing all gains for the year and only two stocks finishing higher.

The Dow Jones industrial average plunged more than 1,000 points as a weeklong market swoon continued.

The biggest drop in the Dow Jones was ExxonMobil, which went down more than 6%. "It can take two to three weeks to work through the system".

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Two days of steep losses have erased the US market's gains from the start of this year, ending a spate of record-setting calm for stocks. At its worst on Monday, the Dow was down more than 1,500 points.

The broad-based S&P 500 dropped 100 points or 3.75%, and the tech-rich Nasdaq (Frankfurt: 813516 - news) was down 3.9%. The Nasdaq composite fell 1.7 percent.

Since the bottom fell out of US equities on Monday, stocks here and across the globe have been in disarray.

It's the fourth correction for the index since the bull market began in March 2009, according to Bespoke Investment Group.

Analysts have also been saying the market has gotten much too expensive after a huge run-up over the a year ago and has been long overdue for a pullback.

Twitter had a banner day, soaring 12 percent after turning in a profit for the first time. That came during a 15-minute stretch where the 30-stock index lost 700 points and then gained them back.

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Shares tumbled in Asia on Tuesday after a wild day for US markets that resulted in the biggest drop in the Dow Jones industrial average in six and a half years. The market tumbled right from the opening bell. The losses were steady, unlike the sharp swings seen over the past few days.

Oil prices were down after data showed US crude output had reached record highs and the North Sea's largest crude pipeline reopened following an outage. The 10-year yield ended the day at 2.837 percent.

On Thursday, all 11 major S&P sectors finished lower, with financials and technology the worst-performing groups. The yield on the 10-year note was as low as 2.04 percent as recently as September.

USA crude fell 1.2 per cent to settle at $US63.39 a barrel while Brent dropped 1.1 per cent to settle at $US66.86.

Stocks are sliding further on Wall Street, putting the market on track for its second big weekly drop in a row. Microsoft and JPMorgan Chase each lost 1.7 percent. The dollar index last rose 0.13%, with the euro up 0.06% to $1.2384.

The S&P 500 fell 6 percent Friday and Monday, and it's down 6.6 percent from the recent record high it set on January 26.

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