US stocks opened firmly higher on Friday, rebounding after falling into a correction.
The Dow Jones industrial average gained as many as 335 points (1.4%). The indexes later rolled over into the red and frequently swung between positive and negative territory.
At 12:10 p.m. ET, the Dow was down 236 points (-0.99%), the S&P 500 was down 18 points (-0.72%), and the Nasdaq was down 54 points (-0.81%).
The Dow was headed for a 7.7% weekly decline, its worst in nine years.
The Nasdaq joined the Dow and S&P 500 in a correction on Friday, defined as a 10% drop from the most recent highs. To illustrate the speed of this week's drop, Ryan Detrick, a senior market strategist at LPL Financial, noted that it was the first time the S&P 500 corrected 10% from an all-time high in nine days or less.
The worst of the sell-off began last week Friday, when data on wages showed inflation may be picking up and could prompt the Federal Reserve to combat it with higher interest rates. This week, the market sell-off was amplified by so-called "target volatility funds" that rushed to sell stocks and buy protection against higher volatility.
On Friday, stock markets around the world that opened ahead of the US trading day on Friday were in sell-off mode.
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Read more coverage of this week's market meltdown:
A Fed official called the stock market's plunge 'small potatoes' — but those comments miss the point
The stock market just had a violent correction, and 'it just doesn’t feel like we’ve hit a bottom'
JPMorgan has found a trigger for the next big market collapse
Wall Street is blaming a familiar culprit for the latest stock market bloodbath
CITI: There's a 'clear winner' for investors who want to cash in on the market's biggest fear
One of the biggest narratives behind why the stock market just went haywire is wrong
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