Stocks have their worst day in months; Dow drops 800-plus points

Traders work on the floor of the New York Stock Exchange Oct 12 2018

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

The Dow slipped 831.83 points, or 3.15 percent, at 25,598.74, the S&P was down 38.36 points, or 3.28 percent, at 2,785.68 and the Nasdaq was down 315.97 points, or 4.08 percent, at 7,422.05.

Volume on USA exchanges was 11.44 billion shares, its highest level since February and compared with the 7.65 billion-share average for the full session over the last 20 trading days. In 1956, the Fed raised interest rates, while worldwide events like the Suez Crisis and the Hungarian Revolution caused investors to pull back. The most recent, starting in 2007, lasted about 2 1/2 years, though it took another four for the bull market to exceed highs reached in 2007.

Thursday marks a sixth straight day of losses for the stock market, which has been facing a flawless storm of rising interest rates, signs of slowdown in the global economy, and the US-China trade dispute. "I think the Fed is out of control", the president said to reporters in the Oval Office.

"As stocks go up, tech goes up more than the stock market".

Concerns about U.S. -China ties weighed heavily, too.

"It is a ideal storm for technology right now with the tariff war with China and weaker demand for chips", Nauman said. Citing concerns about trade and emerging markets, the worldwide lender lowered its global growth forecast for this year and next in a report. The yield was just 2.82 percent in last August. Apple shares fell 1.2 percent. Heating oil shed 2.6 percent to $2.33 a gallon.

But Hogan said earnings were also a source of worry because they could showcase the consequences of Trump's trade wars for United States companies, from raising costs of raw materials to forcing enterprises to change supply chains.

- USA stocks sank more than 2 percent Thursday, the second day of steep declines around the globe driven by concerns about rising interest rates and trade tensions that could slow economic growth.

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The Dow Jones industrial average ended the day down 2.1 percent, or 546 points, to 25,052.

The Nasdaq fell 99 points, or 1.3 per cent, to 7322.

Netflix shares fell by 6pc and have now fallen by 12pc in the last five days.

The Nikkei average fell more than 1,000 points on the Tokyo Stock Exchange Thursday afternoon following an overnight rout on Wall Street. "That suggests the Fed will keep raising rates, and that's taking the wind out of the stocks that have done the most, particularly in the tech sector".

The tech sector was hit hardest, with Netflix down almost 7 per cent, Amazon down 5 per cent and Apple, Google and Facebook all down more than 3 per cent.

"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 dollar fell to 111.98 yen from 112.59 yen, and the euro rose to $1.1593 from $1.1525.

USA crude settled down $1.79 at $73.17 per barrel and Brent fell $1.91 to settle at $83.09. The contract settled at $73.17 in NY.

Bear markets since 1975 have had far lower percentage drops at their bottom, even as markets have grown remarkably in inflation-adjusted dollars.

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