Stocks Close Sharply Higher As S&P 500 Drops To Key Price Indicator
Stocks Close Sharply Higher As S&P 500 Drops To Key Price Indicator
10 February, 2018, 09:41
A market source said investors bought back shares on expectations the U.S. economy will steadily expand, but prices remain unstable.
USA stocks swung wildly on Friday, closing sharply higher but still ending the week with loss of over 5 percent.
The Dow Jones industrial average fell as much as 567 points shortly after the opening bell, then jumped as much as 367 points in the first half-hour of trading.
Bargain hunters bought back decliners toward the end of the session in an apparent reaction to the previous day's drop of more than 1,000 points.
The Dow is up 174.13 points, or 0.7 per cent.
The two best-known stock market indexes, the Dow and the Standard & Poor's 500, have dropped 10 percent from their all-time highs, set January 26.
Wall Street staged a late rally Friday, finishing a wild week marked by dramatic point swings on a positive note.
For the week, the Dow Jones reported a loss of -5.20%, the S&P 500 was down -5.16% and the Nasdaq Composite returned -5.15%.
Stocks have fallen rapidly since Friday, Jan. 26, when the Dow reached a record high 26,066 points before a massive sell-off began the following Monday. The S&P rebounded from the line and closed 1.5% higher.
The Dow is down 627.61 points, or 2.5 per cent.
The Australian dollar fell by 1 per cent to 78.2 USA cents.
The Standard & Poor's 500 index gave up 77 points, or 2.9 percent, to 2,603.
"I just think the market has to find new footing here", said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.
In the USA, technology was among the best performing groups. Brent crude, the worldwide standard for oil prices, gave up 70 cents, or 1.1 percent, to $64.81 per barrel in London. The Dow Jones Industrial Average plunged more than 4 percent on each of those days.
Volume rose from Thursday's levels, according to preliminary data.
Wall Street lost steam in afternoon trade, after United States 10-year Treasury yields rebounded to 2.836 per cent (their highest levels in four years).
'That's part of this recalculation that has gone on in the market: How do we factor in higher bond yields?' said Willie Delwiche, investment strategist at Baird in Milwaukee. "And that is a process that is playing out". The S&P 500 closed at 2,619.55 for a gain of 38.55 points or 1.49%.
The CBOE Volatility index, which is the main gauge of expected volatility on Wall Street, rose to 34.33 in the afternoon - but still well below over 50 hit on Tuesday, which is a 2½-year high.
"There would be a limited impact in the case of a flight from emerging market assets driven by increased global risk aversion". He added such sell-offs "are particularly unsettling to investors because it is hard for them to point to a familiar culprit relating to economics, geo-politics or the corporate world".
Technology companies accounted for most of the broad gains, outweighing losses in energy stocks, which slumped as US crude prices declined, sending the price of oil below $60 a barrel for the first time this year.
The decrease of 88,000 Canadian jobs was unexpected, against economists' forecasts for a gain of 10,000, and made for the biggest decline since January 2009.
Scott Wren, senior global equity strategist for Wells Fargo Investment Institute, said investors are anxious that the higher wages could eat into corporate profits and that the Fed could "make a mistake" and raise rates too quickly.
"Obviously there's a lot of concerned and nervous people".
In Toronto, the TSX fell over 191 points at 15,139. The swings came one day after the steepest drop in 6 ½ years.
Consumer discretionary stocks slipped 0.8 per cent, with Canada Goose down 4.5 per cent and Dollarama off 3.25 per cent. But stock prices climbed faster than profits in recent years. Cenovus Energy was off almost 5 per cent and Encana dropped 3.5 per cent.
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