Wild swings on Wall Street at end of turbulent week


By 12:54 p.m. ET it was down 1.7 percent on the day and 11.1 percent since highs hit on January 26.

In Tokyo, the benchmark Nikkei Stock Average on Friday fell 508 points to end the day at 21,382.

Stocks struggled to stabilize in unsteady trading on Wall Street as an early gain quickly evaporated.

The Dow closed at 25520.96, the S&P at 2762.13 and the NASDAQ at 6,967.52.

This is indicated by the rise in bond market yields that began before the Wall Street sell-off and continued, amid fluctuations, throughout the week.

On Friday, London's, following a 1.5% decline on Thursday.

Technology stocks were the big winners, doing well enough to offset the downturn in energy stocks. The 2008 near-collapse of the USA financial system was also a crash.

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The sharp selloff in recent days was kicked off by concerns over rising inflation and bond yields, sparked by last week's January U.S.jobs report.

"We are very focused on the long-term economic growth and we believe the policies we've enacted including tax reform are very positive", Mnuchin said, noting the stock markets' gains since President Trump's inauguration.

U.S. equities suffered its second sell-off in a week to hit 2018-lows with the Dow Jones and S&P 500 both entering what is deemed correction territory. The Dow moved almost 500 points during trading Wednesday before closing down 19 points, or 0.08 percent, at 24,893.

This follows a rough day of trading in the States yesterday with the Dow Jones falling over 1,000 points and is now on track to suffer the biggest weekly decline it has seen since October 2008 - the height of the global financial crisis. It's still up 14 percent over the past year. Skechers USA climbed $2.88, or 7.5 percent, to $41.06.

Expedia (EXP) slumped after its latest earnings fell short of analysts' expectations. Several Dow members lost more than five percent, including American Express and Home Depot. It's still up 15 percent over the past year.

"The S&P 500 hasn't moved into correction mode this quickly, ever", said Lindsey Bell, investment strategist at CFRA Research. The company also issued a disappointing forecast. The term "crash" tends to be reserved for occasions where shares fall more than 10 per cent in a single day. On the Nasdaq, 1,579 issues fell and 1,259 advanced.

Financial analysts regard corrections as normal events but say the latest unusually abrupt plunge might have been triggered by a combination of events that rattled investors. And the Stockholm 30 lost as much as 11.5% since a recent peak in early November. Employers are hiring at a healthy pace, with unemployment at a 17-year low of 4.1 percent.