Markets Right Now: Wall Street is rocked by more selling
Markets Right Now: Wall Street is rocked by more selling
Stocks Slammed! Dow Plunges More Than 600 Points
28 October, 2018, 22:28
The latest round of upbeat results came from a wide range of companies, including Ford Motor Co, Visa Inc, Whirlpool Corp and Twitter Inc, and offered relief after the earnings season began on a tepid note and then geared lower on sluggish outlooks from manufacturers and chipmakers.
Stock trading turned volatile in October after a placid summer, with big sell-offs in the sectors that have powered the bulk of the gains during the market's long bull run.
While economic growth is mostly healthy, disappointing corporate results and forecasts this earnings season have shown how tariffs, rising wages and borrowing costs as well as jitters over geopolitical events are hurting companies.
Some encouraging economic news helped stabilise markets. "And we don't know if we're at the bottom yet", Tuz said. Asian markets took big losses, as the USA market did the day before.
The Dow Jones Industrial Average dropped more than 600 points Wednesday amid a sharp drop in tech shares.
The Dow Jones Industrial Average rose 401 points, or 1.6 percent, to 24,984.
The Nasdaq composite, with a hefty roster of tech stocks, bore the brunt of the sell-off, leaving it more than 10 percent below its August peak, what Wall Street calls a "correction".
The S&P 500 index fell 16 points, or 0.6 percent, to 2,724.
"There's less pressure on the Federal Reserve to do something (on interest rates)", Bakhos said.
The result made for the strongest six-month period since mid-2014 and puts growth above the prevailing trend for most of the recovery since the Great Recession, although it is based on preliminary data subject to revision.
Microsoft surpassed analysts' forecasts in the first quarter as it mined new revenue sources in online subscriptions, gaming and its LinkedIn professional networking service.
It rose 1.3 per cent to Dollars 354.65 after the defence contractor's latest quarterly results topped analysts' forecasts.
"It's certainly reassuring to see stocks bounce back today on stronger earnings, but I would expect that we continue to see a lot of day to day volatility", said Kate Warne, an investment strategist for Edward Jones.
The S&P 500 index fell 42 points, or 1.5 percent, to 2,664.
Grim results late Thursday from Amazon.com Inc and Alphabet Inc, two stocks that have helped power the equity markets decade-long bull run, sparked the day's selloff and overshadowed data showing the United States economy continued to grow at a healthy clip.
The losses followed a mixed day of corporate earnings that analysts fear signal the economy is exiting the "peak" earnings environment helped by United States tax cuts that were enacted late a year ago.
Two other giant USA companies, Amazon and Alphabet, will report their third-quarter results after the close of trading.
Technology and consumer-focused companied led the declines early Friday. But huge companies like Microsoft, Alphabet and Amazon.
Investors had been looking for strong corporate earnings to drag stocks out of the doldrums, but earnings have disappointed this quarter.
Wall Street favourites in recent years, the FANG stocks have been punished in a month of volatility for USA equities that has some investors anxious a decade-old bull market may be ending. The Nasdaq slid 329.14 points, or 4.4 percent, to 7,108.40. It's fallen 13.8 percent since the end of August and is down 2.3 percent so far this year. France's CAC index dropped 1.3 per cent and Germany's DAX shed 0.9 per cent. Britain's FTSE 100 was flat at 6,960, underperforming after poor earnings from ad giant WPP. Unemployment has dropped to a 49-year-low 3.7 percent.
The S&P 500 index rose 43 points, or 1.6 percent, to 2,699. Brent crude, the benchmark for worldwide oil prices, dropped 0.5 percent to $76.52 a barrel in London. Japanese telecom and energy giant Softbank lost 4.4 per cent.
Despite signs of weakness in the housing market, the USA economy appears to be very strong.
Energy stocks fell 3.50 percent, the most among the sectors, as oil prices plunged after Saudi Arabia said it could supply more crude quickly if needed, easing concerns ahead of US sanctions on Iran. Brent crude, the benchmark for global oil prices, rose 0.9 percent to $76.89 a barrel. The broader S&P 500 gained 1.9% and the Nasdaq surged 3%, its best day since March.
Gold rose 0.3 per cent to $1,235.80 an ounce. Copper was little changed at $2.76 a pound.
Insiders said at the time she was hit "extremely hard" by the loss of Willow, who had become her most devoted companion. Multiple outlets report that Whisper, the Queen's last living corgi , died around one week ago at Windsor Castle.
Emergency vehicles take away a suspicious package discovered at Robert De Niro's office Thursday to an undisclosed location. He said authorities don't know if there are other packages still in the postal system or yet to be discovered.
Hill scored six points early on drives to the basket in the first six minutes of the game to lead Cleveland. Nikola Jokic scored 24 points for the Nuggets, who were off to their best start since the 2009-10 season .
As first reported by The Houston Chronicle , O'Rourke has raised $70.4 million since entering the race in March 2017. The social media network showed that $256.4 million (R3.6bn) was spent on political ads since May.
US President Donald Trump has described the Saudi handling of Khashoggi's death " the worst cover-up ever ". The State Department moved to revoke or refuse visas to suspects it has identified in the case.
Following the ugly public spat, the government chose to send both Verma and his deputy Rakesh Asthana on leave. The bench told Rohatgi that since his petition is not before it, the court would not hear him at this stage.
As it stands, Musk has stated that the Tesla Model Y crossover will probably arrive sometime in late 2019 or in early 2020. The comments were made when Musk was sharing updates on Tesla's third-quarter earnings, which showed a surprising profit .
The source notes that demand for the iPhone will increase significantly as buyers will now be able to live to see the iPhone XR . Plus, with the money you save you could upgrade to 128GB of storage for $50 more.
President Donald Trump said he was monitoring the events, and urged people in the Squirrel Hill neighbourhood to stay indoors. We are thinking of the families of those who were murdered and praying for the quick recovery of those who were injured.
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They were tipped off by similarities of misspelled words on the packages and the same misspelled words on his Twitter account . He filed for bankruptcy in Miami in 2012, according to court records. "Lives w/mom", a handwritten note on the petition said.
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