Stocks plunge again on wide selling; Dow down as much as 698

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The 10-year Treasury note yield traded around 3.23 percent, while the two-year yield reached its highest mark since 2008.

The S&P 500 was down 3.29 percent, and the technology-heavy NASDAQ took the biggest hit, plunging more than four percent.

Tech leaders Amazon (AMZN), Facebook (FB) and Netflix (NFLX) all helped lead the market lower Wednesday while stodgier companies like food companies Smucker (SJM) and General Mills (GIS), gold miner Newmont (NEM) and bargain retailers Dollar General (DG) and Dollar Tree (DLTR) finished the day higher.

Three of the biggest American banks-JPMorgan Chase, Citigroup, and Wells Fargo-will report their third-quarter results Friday.

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.

Shares in Facebook, Amazon, Apple, Netflix and Google's parent company Alphabet - the so-called "FAANG" stocks that have driven USA markets to all-time highs recently - all fell in NY trading.

"Equity markets were pulverized today as investors remain in full out retreat and even the most pessimistic of equity bears are still in shock by the sheer magnitude of the move", he added. And if history is any guide, we won't have to endure too much, as the S&P has been up an average of 14.5% a year after all midterm elections going back to 1946, while all 18 midterms saw higher returns 12 months later, he notes. But higher interest rates can slow economic growth and erode corporate profits.

Stocks are slumping for a second straight day as the market endures its most volatile stretch since February.

Rising government bond yields have made them more attractive, leading investors to pull money out of equities.

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The Red Sox attempt to win the series in Game 4, which begins at 8:07 p.m. on Tuesday at Yankee Stadium in New York City. Asked whether Boone the broadcaster would have criticized Boone the manager, he smiled and said: "No, absolutely not".

Stocks from emerging markets were also hard hit.

In health care, CVS sank 7.2 percent to $73.25 and Aetna sagged 2 percent to $199.37 after the New York Post said New York state regulators have concerns about CVS' purchase of the health insurer.

The Justice Department approved CVS' purchase of health insurer Aetna. Apple shares fell 1.2 percent. Those stocks have made huge gains for years, but they're now out of favor.

"The market is starting to believe the Federal Reserve a bit more and starting to price [rate hikes] in", Mona Mahajan, US investment strategist at Allianz Global Investors, told The Post.

The Nasdaq composite has fallen 9.6 percent since it set a record high in late August and the Russell 2000 has fallen 11 percent.

The technology sector, the biggest loser in Wednesday's sell-off, closed down 1.3 percent on Thursday. Brent crude, the worldwide standard, lost 2.2 percent to $83.09 a barrel in London. United States gold futures settled up $1.9, or 0.16 percent, at $1,193.4. Heating oil shed 2.6 percent to $2.33 a gallon.

Bond yields and therefore interest rates have been rising for more than two years as the USA economy grew strong. Natural gas fell 1.9 percent to $3.22 per 1,000 cubic feet.

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

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