NEWS

11.10.2018 | Dow Jones plunges 836 points: US markets in chaos in biggest drop since February
Source - The Daily Express

Stocks dropped the most since February as the S&P 500 fell to its lowest in three months. The Dow Jones sunk as much as 836 points, with tech stock falling to its worst losses in seven years and the Nasdaq 100 Index plummeting more than four percent. Computer companies led the S&P 500 to a fifth straight loss, the longest slump since Donald Trump was elected, as Wall Street endured its sharpest one-day fall in months. Alphabet, Amazon, Apple, Facebook and Microsoft all fell more than 4 percent each as tech stock crashed. The S&P 500 closed down 94 points with the broad market index heading for its worst day since June. Stock in all 30 blue-chip index companies fell, with Boeing and Caterpillar dropping at least 3.8 per cent. French luxury goods maker LVMH warned enforced Chinese customs rules are keeping trade tensions high, with concerns over US tariffs on tariffs on steel, aluminium and Chinese goods. Sameer Samana, a global quantitative and technical strategist for Wells Fargo Investment Institute, told Bloomberg: "The biggest thing going on in markets is you’re seeing an unwind. "You had stocks doing really well, rates for the most part were very well-behaved. "When you’ve got these risk-off moments, especially when you’re later in the cycle, there is some concern on the part of investors where it’s like, ‘Is this the beginning of the end'?" Shares in the US energy sectors were hit hard as investors reacted to shutdowns sparked by Hurricane Michael in Florida and the Gulf of Mexico. Energy giants stopped production in the Gulf as the deadly storm raged towards the US. Oil firms Hess Corp and Marathon Oil fell around 7 per cent as Chevron dropped 3 per cent ahead of the third-quarter earnings season. Oliver Pursche, vice chairman and chief market strategist at Bruderman Asset Management, in New York, said: “The big concern isn't really what third quarter earnings numbers are, but really what the outlook for the fourth quarter and first quarters are.” The Federal Reserve is raising interest rates which makes it more expensive for companies to borrow and harms share prices. The rout suggests businesses are not able to sustain the runaway growth that’s marked 2018 so far. Investors are nervous a trade war would slash profits. Rising bond yields are raising the cost of borrowing to add to market fears.


| | | Add to chosen
Search
Subscribe
Центр миру, конверсії та зовнішньої політики України
Інститут євро-атлантичного співробітництва
Центр "Україна - Європейський вибір"
Defense Express
Центр європейських та трансатлантичних студій

Rambler's Top100 Rambler's Top100


Міжнародний фонд відродження Project is realized with support from The International Міжнародний фонд відродження Project is realized with support from the NATO Information © 2004 - 2018. ЄВРОАТЛАНТИКА.UA
All rights reserved

This project was funded, in part, through Grant the opinions, findings and conclusions or recommendations expressed herein are those of the Author (s) and do not necessarily reflect those of the Department of State.
На головну Анонси подій Новини Аналітика Топ новини та коментарі Мережа експертів Про проект