Stocks dive late, snapping 10-month winning streak

07 March, 2018, 11:52 | Author: Barbara Daniel
  • Dow Passes 11,000 Mark for First Time Since 2001

US stocks went on another dizzying ride Friday and worked their way back from an early-morning plunge to send the Standard & Poor's 500 index to its first gain in four days.

Wednesday's declines closed a month marked by spikes in volatility and fears that rising inflation could prompt the Federal Reserve to pick up the pace of interest rate hikes.

The indices closed lower for the second consecutive session amid uncertainty about the outlook for interest rates after the US Federal Reserve Chair Jerome Powell seemed to suggest that the central bank may raise rates more than the three times now anticipated.

Best Buy has been one of the best performing retail stocks over the last few years.

Detrick also said that investors were anxious aboutretaliatory tariffs from China. The S&P 500 sectors were entirely negative. The head of the European Commission said the region would respond in kind. The Nasdaq composite fell 127 points, or 1.8 percent, to 7,142.

The Dow Jones Industrial Average declined 381 points, or 1.5%, to 25,029, the S&P 500 lost 30 points, or 1.11%, to 2,714 and the Nasdaq Composite dropped 57 points, or 0.78%, to 7,273. Heavy equipment maker Caterpillar lost $3.12, or 2 percent, to $151.54 and aerospace giant Boeing gave back $8.59, or 2.4 percent, to $353.70.

The month also included a confirmation of a 10-percent correction for the stock market but that was followed by a rebound that made the monthly losses less steep.

Both indexes are about 3 per cent away from regaining the record-highs they reached in late January.

Federal Reserve chair Jerome Powell had earlier given the market a boost by saying in his second round of congressional testimony that the central bank did not see strong evidence of wage inflation or signs of overheating. Traders boosted bets the USA central bank would squeeze in a fourth rate hike this year following the remarks.

Australian shares are expected to begin the day higher, following a solid night of foreign stock trading.

Bond prices rose as demand jumped for safer investments, which pushed yields lower.

About 76 percent of the S&P 500 companies that have reported so far have topped profit estimates, according to Thomson Reuters I/B/E/S.

Celgene Corp's 9 percent drop (CELG.O) was a drag on the healthcare sector after USA health regulators rejected the company's application seeking approval of a multiple sclerosis drug.

Natural gas was virtually flat at $2.70 per 1,000 cubic feet, heating oil slipped a cent to $1.88 per gallon and wholesale gasoline gained a penny to $1.90 per gallon. That means Apple and other big USA companies are dependent on customers not only in Peoria but also Paris and Peru.

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