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

10 February 2018

"There are going to be people that are going to be selling into any kind of strength and then you are going to have some value-conscious investors taking advantage of these multiple 100-point drops", said Alan Lancz, president of Alan B. Lancz & Associates, an investment advisory firm in Toledo, Ohio.

"The economy is still strong", Lynch said.

Dallas Fed president Robert Kaplan said on Thursday the central bank could hike rates three times this year and the recent market volatility in itself was not enough to change his base scenario. Gold fell $7, or 0.5 percent, to $1,329.50 an ounce and silver dipped 9 cents, or 0.5 percent, to $16.58 an ounce.

The benchmark U.S. 10-year bond yield spiked to heights of 2.85 per cent at the end of last week, its highest since the start of 2014, although it has since retreated slightly.

And the Russell 2000 index of smaller-company stocks dropped 44.18 points, or 2.9 per cent, to 1,463.79.

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Stocks plunged again Thursday, and for the second time in four days, the Dow Jones Industrial Average slumped more than 1,000 points.

Many are bracing for more wild swings ahead as the Chicago Board Options Exchange Volatility Index is holding at twice its level from a week ago.

The economy is strong, but investors are anxious about inflation, and the possibility that the Federal Reserve will raise interest rates faster than expected to fight it.

The DGIA is the average price of 30 stocks traded on the stock market, meant to represent the market as a whole, according to the Washington Post. But it is percentage - not points - that matters. The Dow is up 23 percent over that time, the S&P 500 17 percent.

Earlier, 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 6.1 percent.

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United States stocks overturned early losses to trade higher on Wednesday as some buyers returned to a market still shaking from a record fall for the Dow Jones Industrial Average earlier this week. The sharp swings came one day after the steepest drop on Wall Street in 6 ½ years.

US crude fell 3.06 percent to $59.28 per barrel and Brent was last at $62.96, down 2.85 percent on the day.

Monday's sell-off was driven by firms moving to sell stocks to put more money into assets such as bonds which benefit from higher rates, says Erin Gibbs, portfolio manager for S&P Global Market Intelligence.

The Dow Jones industrial average fell 233 points, or 0.9 percent, to 25,295.

The Standard & Poor's 500 index was down 8 points, or 0.3 percent, at 2,639. Strong economic performance and prospects with the then-recent USA tax reforms had fuelled a bull market which saw the measure's value rocket up 1,000 points in 12 days.

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