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Dow Plunges In Worst Point Decline in History

06 February 2018

Bond yields, which have been a key source of pressure on stocks over the week declined significantly as investors found few places to go for.

It also traded down 4.1 percent, according to a report from CNBC.

About 11.5 billion shares changed hands in US exchanges on Monday, well above the 7.6 billion daily average over the last 20 sessions. "It's just been downhill from there". The Nasdaq composite fell 181 points, or 2.5%, to 7,059.

USA share values have also climbed further since President Donald Trump's election on the prospect of tax cuts, corporate deregulation and infrastructure spending, and the S&P 500 is still up 23.8 percent since his victory. "But it is very important in psychological terms", Krosby said.

Still, the plunge had markets heading to their lowest close of the year, and it followed a dip on Friday, which itself was the sixth-largest point drop in the Dow's history. Overnight, Japan's Nikkei index fell 4.7 percent, its biggest drop since June 2016.

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The sell-off extended sharp losses seen in NY on Friday, which were fuelled by jobs data from the USA that showed wage growth surged well ahead of economists' expectations to 2.9pc in January.

President Donald Trump has frequently celebrated the recent gains on Wall Street, but he did not mention Monday's drop while giving a speech in Ohio.

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Futures markets are turning cagey as the opening bell gets nearer, with Dow futures and the broader S&P futures down a further 1 percent and 0.6 percent, respectively. The Nasdaq fell 273, or 3.8 percent, to 6,967.

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"We are in a cycle where central banks are reducing the amount of bonds they are buying and some central banks putting up interest rates", he said.

Many financial professionals say this sell-off is healthy for the market.

Stocks began the new year ripping higher.

The Dow is down 8.5 percent from the record high it hit in late January. The major indexes had also notched record highs.

The Fed is expected to raise interest rates three times this year, but many on Wall Street worry that even more rate hikes are in store. Before the sell-off, some economists and stock market analysts had predicted a market correction given the high valuation of the equity market.

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Dow Plunges In Worst Point Decline in History