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Dow Jones plunges 1,068 points, Wall Street bloodbath intensifies
https://teakdoor.com/images/imported/2018/02/1119.jpg
Wall Street is reeling from a worse-than-expected bloodbath this morning.
Market snapshot at 3:20am (Thai Time):
- AUD: 79.08 US cents, 56.46 British pence, 63.71 Euro cents, 86.67 Japanese yen, $NZ1.08
- US: Dow Jones -3.7pc at 24,570, S&P 500 -3pc at 2,680, Nasdaq -2.4pc at 7,064
- Europe: FTSE -1.5pc at 7,335, DAX -0.8pc at 12,687, Euro Stoxx 50 -1.3pc at 3,479
- Commodities: Brent crude -1.8pc at $US67.32/barrel, spot gold +0.5pc at $US1,339.31/ounce, iron ore +1.8pc at $US75.70/tonne
What happened on Wall Street?
The Dow Jones index has plunged by 1,068, or 4.2 per cent to 24,453.
Since Friday, the Dow has plunged by more than 1,700 points in two trading days.
US stocks are continuing to be dragged down by a fast rise in interest rates, with US 10-year bond yields reaching a four-year high.
The broader S&P 500 also tumbled 4.2 per cent to 2,646, and the Nasdaq fell 3.6 per cent to 6,981.
Every S&P sector has been smashed, with energy and financials being the worst performers by far.
Energy stocks like Exxon Mobil tumbled after oil prices fell sharply overnight.
Brent crude has fallen to $US67.50 dollars a barrel
The big banks Citigroup, Goldman Sachs and Bank of America have dropped by up to 2.5 per cent each.
But it was Wells Fargo which fell the hardest — falling by 8 per cent, making it the weakest S&P stock.
This was after the Federal Reserve forced Wells Fargo to replace four directors.
In addition, the Fed is restricting the bank from getting any larger or richer until its "widespread consumer abuses" are addressed.
Here
https://teakdoor.com/attachment.php?a...tid=7949&stc=1
Maybe 25,500 is the floor or a speed bump on the way down?
BTW, this has naught to do with Trump. Markets don't go up, or down in a linear direction for extended periods.
I'm just surprised that it took so long for the start of the correction.
The DOW was down @ almost 1,500 points at one stage.
Is inflation coming back, thus rate rises and the end of the easy money?
EDIT:- I wonder what will happen to BitCoin and the other cryptocurrencies today and over the coming days and weeks?