Wednesday, 12 December, 2018

Wall Street plunges as investors seek safety

North American stock markets slide lower, loonie lower against U.S. dollar Markets Right Now: Stocks fall sharply as bond yields rise - 570 NEWS
Jean Garcia | 11 October, 2018, 14:38

The retreat on Wall Street was led by technology stocks, which dropped 2.55 per cent, and the trade-sensitive industrial stocks that fell 2 per cent.

Stocks have slumped over the last week as a combination of strong economic data and positive commentary from Federal Reserve leaders sent bond yields rocketing higher as investors bet that interest rates will keep rising.

Facebook fell 4.1 percent while Netflix and Google parent Alphabet were down 8.4 percent and 5.1 percent, respectively.

At 2:40pm local time, the Dow was down 510.76 points, or 1.93 per cent, at 25,919.51, the S&P 500 was down 55.64 points, or 1.93 per cent, at 2,824.70 and the Nasdaq Composite was down 185.52 points, or 2.40 per cent, at 7,552.19.

Tech is taking its lumps because bond yields have climbed in recent weeks, hovering at a more-than-seven-year high. The S&P 500 was off by 1.7 percent, putting it on pace for its first five-day losing streak in two years.

In the US the losses were even steeper.The Dow Jones Industrial Average was off by 818 points when markets closed, or more than three per cent.

The Nasdaq composite tumbled 315.97 points, or 4.1 percent, to 7,422.05.

Stocks fell Wednesday as concerns about global economic growth and ongoing trade tensions continued to hang over Wall Street and after the bond market resumed a sell-off that started last week.

The Dow was down 482 points, or 1.8 percent, to 25,950. Paint and coatings maker PPG gave a weak third-quarter forecast Monday, while earlier, Pepsi and Conagra's quarterly reports reflected increased expenses.

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.

Umpire labels Kyrgios' effort 'borderline'
The Aussie looked solid in the opening set as Klahn - ranked 104 in the world - didn't look overly threatening to Kyrgios' charge. Kyrgios appeared exasperated and distracted at times as American qualifier Bradley Klahn took out the match in three sets.

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

The dollar fell to 112.59 Japanese yen from 113.05 yen late Tuesday.

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

This time around, strong economic data anxious bond investors, who sent the benchmark yield on Tuesday to 3.261 percent, the highest since early May 2011.

USA stock exchanges recorded biggest losses in 8 months as rising interest rates made investors flee risky stocks.

Wholesale gasoline shed 2.7 per cent to $2.02 a gallon.

Tech stocks and companies that sell non-essentials to consumers have been some of the top performers over the previous year, gaining almost twice as much ground as the S&P 500. Heating oil fell 1.2 per cent to $2.39 a gallon. Silver dipped 0.5 per cent to $14.33 an ounce.

US gold futures settled up $1.9, or 0.16 percent, at $1,193.4.

The CAC 40 in France dropped 2.1 per cent, Germany's DAX lost 2.2 per cent and the FTSE 100 in London fell 1.3 per cent. The euro rose to $1.1525 from $1.1496.

The Philadelphia Semiconductor index sank 2.64 percent, with Intel down 2.0 percent and Nvidia 4.7 percent. The British pound rose to $1.3197 from $1.3146.

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