Published: Sun, February 11, 2018
Industry | By Dora Warner

USA stocks ride the roller coaster; Asian, European markets bleed, too

USA stocks ride the roller coaster; Asian, European markets bleed, too

And President Trump, who had been touting the market's record highs, on Monday evening also stressed the economy's soundness, through his press secretary, Sarah Sanders: "The President's focus is on our long-term economic fundamentals, which remain exceptionally strong, with strengthening USA economic growth, historically low unemployment, and increasing wages for American workers".

Asian stocks plunged Friday after Dow Jones industrials on Wall Street plummeted more than 1,000 points, deepening a week-long sell-off. After numerous turns higher and lower, it wound up with a gain, coincidentally, of 567. Numerous companies that led the market's gains over the past year have struggled badly in the last week. Energy companies dropped along with oil prices and technology companies also declined.

If borrowing costs increase, bond investors will want more return - a higher yield. But both Democratic liberals and GOP tea party forces were fighting the plan, raising questions about its chances just a day before the latest government shutdown deadline. When bond yields rise, those stocks become less appealing to investors seeking income.

USA 10-year yields were at 2.789 percent, up from 2.766 percent on Tuesday.

Tuesday brought another day of volatility a day after a steep selloff that brought the biggest percentage daily declines for the S&P 500 and the Dow since August 2011 and a near 1,600 point intraday loss for the Dow. The Nasdaq composite rose 148.36 points, or 2.1 percent, to 7,115.88.

It's the fourth ugly day in global markets.

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Though the broad market is only halfway to a so-called bear, or drop of 20% or more, 96 stocks in the S&P 500 were down by that amount from their highs, as of Thursday's close, according to FactSet data. He also said 3.05 percent is a key level to watch on the 10-year.

Citro said corrections in the stock market are a part of investing, and he urges clients to keep their eyes on the long-term outlook for stocks, which have historically been a solid investment. The current bull market has run on for almost nine years now, making it the second longest in history.

Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management, said the plunge wasn't caused by inflation fears alone.

"Ten percent is no small potatoes", said Chris Rupkey, an economist with MUFG Union Bank. "People will be afraid now of shorting volatility".

Investors remain fearful that signs of rising inflation and higher interest rates could stifle the bull market that has pushed stocks to record high after record high in recent years.

Schutte, of Northwestern Mutual, added that corrections can end quickly, and they often do so when investors see evidence of continued economic growth.

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"We are concerned there'll be more volatility". That is big, but it is dwarfed by the lurching moves the market made the last few days.

Travel bookings site TripAdvisor was one of only two S&P 500 companies that finished higher on Monday. Australia's S&P/ASX 200 was flat at 5,876.30.

Oil prices also weighed on the index, with benchmark USA crude down 1.3 per cent to $63.33 per barrel. The recent rout has wiped about $4 trillion off world equities.

Investors often buy gold when they're anxious about market volatility, but they aren't doing that now.

The Shanghai Composite Index was off 4.5 percent at 3,114.91 after tumbling 5.5 percent at mid-morning.

Tokyo's Nikkei 225 rose 0.3 percent to 21,700.94 while South Korea's Kospi jumped 0.7 percent to 2,414.26.

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