Friday, 19 October, 2018

Sudden jump in U.S. interest rates prompts Wall Street stock plunge

US stock indexes keep falling as rates resume their climb The Dow tumbles more than 400 points
Jean Garcia | 11 October, 2018, 05:28

Technology stocks, the biggest winners in the market over the past year, took some of the worst losses. Apple and Amazon both had their worst day in two and a half years.

As long as earnings and the United States economy are continuing to grow, this market pullback will wind up being a healthy dip Alexander said.

The S&P 500 and tech-heavy Nasdaq joined in Wednesday's carnage, falling 3.3 percent and 4.1 percent, respectively. The benchmark USA stock index hadn't suffered a five-day losing streak since November 2016, just before the presidential election. The Nasdaq composite fell 152 points, or 2 percent, to 7,585.

The S&P was down almost 4 percent in less than five sessions as of Wednesday afternoon.

At the closing bell, the Dow Jones Industrial Average had lost 3.1 percent or 830 points to finish at 25,613.35, in the biggest fall since February.

Heavyweights Apple shed 1.6 percent and Amazon.com fell 2.5 percent. It's fallen 6.3 per cent over the last five days.

Microsoft dropped 4 per cent to $107.82. Apple, Boeing, Nike and Visa all tumbled more than 4 per cent, while Caterpillar and 3M lost nearly 4 per cent.

Insurance companies slumped as Hurricane Michael hit the Florida Panhandle. Alphabet has dropped 15 percent since late July.

Vikas Bahl slaps legal notices on Anurag & Vikramaditya
However, the piece was also critical of Mr Kashyap's way of handling the matter, including the delay in calling Vikas Bahl out. The defamation notice alleges that Mr Kashyap and Mr Motwane acted on hearsay to paint Mr Bahl as the villain of the piece.

Tom Cahill of Ventura Wealth Management said investors were unnerved by remarks from luxury company LVMH of a crackdown on some goods in China amid the country's bitter dispute with the US.

The biggest driver for the market over the last week has been interest rates, which began spurting higher following several encouraging reports on the economy.

The 10-year Treasury yield rose to 3.23 percent from 3.20 percent late Tuesday and from 3.05 percent early last week. On Wednesday, the 10-year yield once again touched its highest level in seven years.

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.

Gina Martin Adams, the chief equity strategist for Bloomberg Intelligence, said investors are concerned about the big increase in yields, which makes it more expensive to borrow money. As LPL Financials' Ryan Detrick notes, the S&P 500 just came off its least volatile third quarter since 1963, has been up for six consecutive months, and hasn't closed up or down more than 1% for more than three straight months, "one of the longest streaks ever".

Meanwhile struggling retailer Sears was in focus as the Wall Street Journal reported that it was preparing to file for bankruptcy. In 1987, stocks dropped more than 20 percent on a single day-Black Monday, Oct. 19-after a strong rally crashed into the Persian Gulf turmoil and trade deficits. "Since the market bottomed in March 2009, it's been more than 10 years of growth stocks leading the way non-stop". Brent crude, the worldwide standard, lost 65 cents to $84.35. The current benchmark interest rate is 2 to 2.25 percent.

INFLATION WATCH: U.S. wholesale prices rose a modest 0.2 percent in September, evidence that inflation is tame.

Gold rose 0.2 percent to $1,193.40 an ounce.

Recommended

  • Senate Dems lose health care vote, hope it's campaign fodder

    Senate Dems lose health care vote, hope it's campaign fodder

    But critics said Kavanaugh's demeanor raised questions about his temperament and potential political bias in deciding cases. The complaints deal with statements Kavanaugh made during his confirmation hearings and were initially filed with the D.C.
    Amazon India Sale: Here Are Top Deals, Offers Available On Products

    Amazon India Sale: Here Are Top Deals, Offers Available On Products

    While Amazon's Great Indian Festival offers discounts across products, there are other offers as well that go along with it. Earlier this week, Amazon had revealed deals on several smartphones from brands like Honor , Samsung , Motorola , and more.
    Creepy kids haunt the first trailer for Stephen King's Pet Sematary

    Creepy kids haunt the first trailer for Stephen King's Pet Sematary

    This version comes from the directing duo behind 2014's Starry Eyes , Kevin Kölsch and Dennis Widmyer. Based on the seminal horror novel by Stephen King , ( #StephenKing ) #PetSematary follows Dr.
  • The notch on the Pixel 3 XL sucks

    The notch on the Pixel 3 XL sucks

    Google says the Pixel Visual Core chipset that handles imaging is back but we are not sure if this is the same or an upgraded one. Another highlight of the tablet is the Split screen that is integrated for smooth multitasking and Google Assistant .
    Sears may be preparing to file for bankruptcy

    Sears may be preparing to file for bankruptcy

    The impetus for the fast-moving bankruptcy preparation is a $134 million debt payment due this coming Monday. Sears' acting spokesman, Howard Riefs, said Brathwaite had informed the retailer of his exit last month.
    Khawaja, Finch share 137-run opening stand for Australia

    Khawaja, Finch share 137-run opening stand for Australia

    Sriram brought two Indian wristspinners, Pardeep Sahu and left-arm wristspinner KK Jiyas, to UAE for net practice ahead of the Tests.
  • Hubble in trouble as telescope ‘suffers failure and goes into safe mode’

    Hubble in trouble as telescope ‘suffers failure and goes into safe mode’

    Gyroscopes are needed to keep the 340-mile-high (540-kilometer-high) Hubble pointed in the right direction during observations. Hubble has six gyroscopes, all of which were replaced by spacewalking astronauts during a servicing mission in May 2009.
    Terrifying climate change warning: 12 years until we’re doomed

    Terrifying climate change warning: 12 years until we’re doomed

    It was written by 91 authors from 40 countries and approved by the Intergovernmental Panel on Climate Change on Saturday. Currently, the world has seen 1C of warming over the past 115 years, according to a U.S. report last year.
    Inflation in PHL to ease — International Monetary Fund  long-term outlook

    Inflation in PHL to ease — International Monetary Fund long-term outlook

    Further threats to global economy include "unsettled" politics and the escalating trade tensions between the U.S. and China. For 2019 inflation is now also expected to breach target to hit 4.3 percent, from the earlier forecast of 3.7 percent.
  • Google Home Hub vs Amazon Echo Show

    Google Home Hub vs Amazon Echo Show

    The third in its line of high-end smartphones, the Google Pixel has previously impressed reviewers with its camera quality . Financial analysts said it is hard to evaluate Google's hardware business as it is overshadowed by profits from search ads.
    Kavanaugh to hear his 1st oral arguments as Supreme Court justice

    Kavanaugh to hear his 1st oral arguments as Supreme Court justice

    Bush administration and his comments about Democrats using allegations of sexual assault against him, according to the Post. McConnell's remarks were viewed as a signal that he would be open to filling a potential Supreme Court vacancy in 2020.
    British pair feared dead as Majorca flash floods kill five

    British pair feared dead as Majorca flash floods kill five

    Rescue workers and military units from the Spanish mainland were heading to the area which is popular with British holidaymakers. Two Britons who were killed in a taxi are among the five people who have died during flash floods in Majorca .

MLB Twitter Celebrates Red Sox’s ALDS Win By Savagely Trolling New York MLB Twitter Celebrates Red Sox’s ALDS Win By Savagely Trolling New York New York Yankees fans probably aren't too happy with the folks in charge of Major League Baseball's official Twitter account. Martinez and the 108-win Red Sox reached the AL Championship Series for the first time since Boston won the title in 2013.

Ross Barkley feels more mature after two years in England wilderness Ross Barkley feels more mature after two years in England wilderness It's been a while since I've been called up and this is the first time I've been selected since I've been with Chelsea . I [asked] him: 'Big one?' and he said: 'I don't think so, but big enough that I go off'".

'Monstrous' Hurricane Michael forecast to hit Gulf Coast as a major hurricane 'Monstrous' Hurricane Michael forecast to hit Gulf Coast as a major hurricane The Hurricane Center predicts risky surf conditions will start to appear along the northern Gulf Coast on Tuesday. According to the 5 a.m. advisory from the National Hurricane Center , Michael was close to becoming a hurricane.

"Polio-like" Disease may spread in Minnesota after Six Cases So, just be sure to practice smart prevention measures such as getting vaccinated, washing your hands and avoiding bug bites. CDC specialists will make the final determination as to whether the cases in Washington are AFM, state health officials said.

Why Jupiter’s Europa moon could be straight out of Game of Thrones Why Jupiter’s Europa moon could be straight out of Game of Thrones The study suggests that similar conditions exist on Europa, making it possible for the moon's surface to feature jagged terrain. Its surface is mainly ice and it has the thermal conditions required for ice to sublime without melting.

Jimmy Butler Returns To Practice, Verbally Challenges Coaches, Teammates Jimmy Butler Returns To Practice, Verbally Challenges Coaches, Teammates Butler, meanwhile, will be an unrestricted free agent next summer and Houston would need assurance that he will re-sign long term. Butler doesn't seem content burning bridges with the organization.

Mining sector, Morrison government on the defensive over IPCC report Mining sector, Morrison government on the defensive over IPCC report The report also notes that "any remaining emissions would need to be balanced by removing Carbon dioxide from the air". But they are not spread uniformly across the globe, and different parts of the world experience impacts differently.

Watch 2018 American Music Awards live stream online Watch 2018 American Music Awards live stream online Additionally, several of gospel and R&B's heaviest hitters will assemble for what's sure to be a touching Aretha Franklin tribute. XXXTentacion's mother was proud and tearful as she accepted her late son's posthumous American Music Award on Tuesday night.

No evidence vitamin D supplements improve bone health, major analysis finds No evidence vitamin D supplements improve bone health, major analysis finds Vitamin D supplements do nothing for bone health, according to the authors of the biggest review of the evidence ever carried out. However artificial intake of the supplements, based on the same vitamins are statistically proven to be useless.

A New Version of The Legend of Zelda Just Launched on Switch A New Version of The Legend of Zelda Just Launched on Switch The month's updates to the NES library have included a special treat for those who haven't beaten the original Legend of Zelda . You'll begin with all equipment, including the White Sword, the Magical Shield, the Blue Ring, and even the Power Bracelet.

Melania Trump Says Survivors Need to Show Hard Evidence of Assault Melania Trump Says Survivors Need to Show Hard Evidence of Assault You can not just say to somebody, I was, you know, sexually assaulted and or you did that to me, ' states Melania. But Kavanaugh denied the claims against him, with his confirmation to the Supreme Court confirmed last weekend.

India will break United States sanctions and keep importing Iranian oil India will break United States  sanctions and keep importing Iranian oil There are concerns a shortfall in Iran's oil production could prompt global oil supply to fall and prices to rise. Has the simmering crude oil market peaked, even if for the time being?

Lady Gaga mental health essay calls for funding and awareness Lady Gaga mental health essay calls for funding and awareness According to the global agency, 10 to 20 per cent of children and adolescents worldwide suffer from mental disorders. One such discussion was held on Twitter earlier this year during May, which is considered as Mental Health Month.

Hurricane Michael Expected to Make Landfall Wednesday Hurricane Michael Expected to Make Landfall Wednesday EDT, Michael was centered was about 90 miles (145 kilometers) from Panama City and Apalachicola, moving fast at 13 mph (21 kph). More than 2.1 million residents of at least 20 Florida counties were under mandatory or voluntary evacuation orders.

Meghan Markle's ex-husband Trevor Engelson gets remarried Meghan Markle's ex-husband Trevor Engelson gets remarried Trevor is said to have met Tracey in 2017 and she is credited with helping him to come to terms with Meghan's new relationship. In a truly weird moment during the interview, she also showed off the cardboard cutout she bought of Meghan's face in London.