Sudden jump in U.S. interest rates prompts Wall Street stock plunge
Sudden jump in U.S. interest rates prompts Wall Street stock plunge
The Dow tumbles more than 400 points
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.
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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.
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.
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.
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 .
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.
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.
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.
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.
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.
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.
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 .
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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.
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