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Dow closes up more than 560 points after another volatile day

Dow closes up more than 560 points after another volatile day

British markets closed Tuesday 1.5 percent lower, ending the day with the lowest close since December 7.

The Dow ended at 24,345. Hong Kong's Hang Seng skidded 5.1 per cent and South Korea's Kospi declined 1.5 per cent. That's less than the 10 per cent drop that is known on Wall Street as a "correction".

Tuesday's initial sell-off started after stock markets dropped around the world, a domino effect from Wall Street's worst day in years.

Monday was the worst point drop in the Dow's history. The Nasdaq composite rose 148.36 points, or 2.1 percent, to 7,115.88. The Nasdaq composite lost 14 points, or 0.2 percent, to 7,225.

"We have higher earnings due a lot to new tax rates, but a lower multiple", he said.

Oil fell for a third day on Tuesday as the USA dollar rose to its highest in more than a week in the wake of a sharp sell-off on Wall Street and other stock markets;.

"We had an extreme sell-off followed by an extreme bounce", said "It was a massive reversal: almost 1,000 points on the Dow is mind-bending".

The steep drops Friday and Monday wiped out the gains the Dow and S&P 500 made since the beginning of the year, but both remain higher over the past 12 months.

"The markets went into being religiously over-bought to deeply over-sold in a matter of four trading days".

USA stocks plunged on Monday, marking a second day of trading that generated steep declines, amid fears of rising inflation and potential rate increases by the Federal Reserve.

"While the sharp decline in the S&P 500 on Monday was unnerving, it is important to keep in mind that these kinds of moves have tended to be buying opportunities in the post Financial Crisis era", Lori Calvasina, head of equity strategy at RBC Capital Markets, wrote in a research note Tuesday.




Many experts say this week's slump is likely to be a short-term blip and not cause for bigger concerns.

Until recently, gains for stocks have come as the market has been relatively subdued, and any declines were met with buyers looking for bargains.

Torsten Slok, chief worldwide economist at Deutsche Bank, told the Financial Times: "Markets are coming to the conclusion that the US economy is close to overheating and therefore that the risks of inflation are bigger than the risks of a recession".

The Dow Jones industrial average took an early dive of 567 points shortly after the opening bell Tuesday, then surged as much as 367 points in the next half an hour. USA economic growth was running at a 2.6 annualized rate in the fourth quarter last year and the unemployment rate is at a 17-year low of 4.1 percent.

A trader works on the floor of the New York Stock Exchange in New York, Feb. 6, 2018.

The Dow Jones industrial average jumped as much as 350 points in morning trading, erasing an early plunge of more than 500. Friday's U.S.jobs report showed wages grew at a faster pace in January, and investors anxious that that means inflation is speeding up, and that the Federal Reserve will have to raise interest rates faster than previously expected in order to keep that inflation in check.

They argue that the improving global economic outlook is a positive for stocks overall, but they said it could take some time before the market settles down.

The slide Monday brought the Dow back below 24,000 points.

The Dow Jones industrial average, one of the most widely followed indexes, fell by nearly 1,200 points, a 4.6 percent loss and the biggest point decline on record.

The U.S. dollar weakened against the Japanese yen early Tuesday, trading at 108.61 yen, down from 109.12 on Monday. But it also means that just because the stock market has large losses today does not means these large losses won't be quickly reversed in the future.

What all this means is that the next time you hear that the stock market has set a new record low, or even a record high, know that it only affects a small proportion of Americans.


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