USA stocks end again with deep losses, Dow -2.1%

Kenny Grant
October 12, 2018

The Dow Jones industrial average had its second-biggest drop of the year, plunging almost 500 points, or 1.9 percent, shortly after 2:00 p.m.

Wall Street continued to slide Thursday after initially finding some relief in tamer-than-expected inflation data, a day after worries about rising rates and trade tensions sparked a sharp sell-off in global markets.

Technology and internet-based companies are known for their high profit margins, and many have reported explosive growth in recent years, with corresponding gains in their stock prices.

Oil prices fell more than 2 percent as U.S. stocks plunged, even though energy traders anxious about shrinking supply from Iran due to U.S. sanctions and kept an eye on Hurricane Michael, which closed almost 40 percent of U.S. Gulf of Mexico output. The S&P 500 is also down more than 5 percent over the two days and after falling for the past six trading days is nearly 7 percent below its September 20 high.

All three indexes hit records between August 30 and October 3, despite the escalating Sino-US trade dispute gnawing at confidence on corporate profit growth through most of the year. Tech stocks saw slight recoveries as well after being hit hard on Wednesday. Technology companies were among the losers, with the Nasdaq Composite dropping more than 2% to 7,575.34.

Paint and coatings maker PPG gave a weak third-quarter forecast Monday, while earlier, Pepsi and Conagra's quarterly reports reflected increased expenses.

The Standard & Poor's 500 index fell 94 points, or 3.3%, to 2,785 on Wednesday, its biggest one-day loss since February 8. As of October 10, it's lasted 3,503 days.

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"What we're seeing here is the market positioning for potential lower growth".

Wednesday's wild ride on Wall Street picked up right where it left off in early trading Thursday.

"If the Feds are insane, this market reaction is bordering on insanity, as so many negative crosscurrents collide that is merely impossible to find a glint of optimism", he added. Stocks had come close to big drops in the last few days, but each time they recovered some of their losses. The FAANGs, spread over three sectors, were down between 1.4 percent and 5.4 percent. It was more than $40 five years ago. Heating oil fell 1.2 per cent to $2.39 a gallon.

Benchmark U.S. Treasury 10-year notes rose 14/32 in price, pushing their yield down to 3.1724 percent. Over the years, Sears has closed hundreds of stores and sold several famous brands.

The dollar fell to 111.94 yen from 112.59 yen, and the euro rose to $1.1594 from $1.1525.

Benchmark U.S. crude oil fell 2.4 per cent to $73.17 a barrel in NY. The British pound rose to $1.3197 from $1.3146.

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