Wall Street Yo-Yos in Early Trading Thursday

Wall Street Yo-Yos in Early Trading Thursday

Wall Street Yo-Yos in Early Trading Thursday

The benchmark S&P 500 index rose in morning trading, but ultimately gave up 57.31 points, or 2.1 percent, to 2,728.37, its lowest close in three months.

After U.S. tech shares plummeted overnight, Chinese Internet giant Tencent, Asia's largest company by market capitalization and a major factor in the Hong Kong Hang Seng Index, was battered again as it fell 6.8 percent.

"I contend that the concerns of rising interest rates are largely overblown".

The Fed has been gradually raising interest rates over the past two years, after not having increased them since the recession. It was more than $40 five years ago.

USA 10-year Treasuries, a closely-watched indicator of bond yields, hit a seven year high of 3.26pc on Wednesday. "The market's starting to say that the glass may be half empty". Investors see many of these countries as being vulnerable to higher USA interest rates, which can pull away investment dollars. Early Thursday, National Economic Council Director Larry Kudlow in a news conferfence heralded the administration's economic policies and assured the public that "the war on business is over". The worldwide lender cited trade tensions and emerging markets as it downgraded its global growth forecast for this year and next. The two-year yield rose to 2.88 percent from 2.87 percent, and the 30-year yield climbed to 3.38 percent from 3.37 percent. Australia's S&P/ASX 200 slipped 2.4 percent to 5,906.00. Also known as Wall Street's "fear index", the VIX tends to rise when stocks are down.

Innes, the Singapore-based head of Head of Trading for Asia Pacific with OANDA, attributed the slide to a combination of factors, including the possibility further interest rate hikes and the battle over tariffs between the US and China.

At the closing bell in the New York Stock Exchange on Wednesday, the Dow Jones Industrial Average had lost 3.1 percent or 830 points to finish at 25,613.35, in the biggest fall in eight months.

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The S&P 500 shed 2.05% to below its 200-day moving average, extending its longest losing streak since the 2016 election. The tech-heavy Nasdaq notched its second day of trouble with a 1.3 percent loss, landing at 7,329.

Shares in upscale jewellery retailer Tiffany & Co and perfume maker Estee Lauder both fell 7 percent after a warning from French luxury goods firm LVMH about softening demand in China.

The Dow Jones industrial average tumbled more than 400 points to just below 26,000 at lows.

Oil prices slumped to two-week lows as global stock markets fell, with investor sentiment made more bearish by an industry report showing USA crude inventories rising more than expected.

Some technology companies emerged relatively unscathed, with Facebook and Activision Blizzard advancing and Microsoft and Google parent Alphabet falling only modestly. The yield on the 10-year Treasury fell to 3.16 percent.

"There isn't much of a place to hide right now in the equity market", said Willie Delwiche, an investment strategist at Baird. "As stocks go down, tech goes down more than the stock market".

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

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