Dow briefly drops 500 points

Markets Insider

That means they are in what is known on Wall Street as a "correction", their first in nearly two years.

Worries about inflation set the market rout in motion last Friday, and many market watchers have been predicting a pullback after the market's relentless march higher over the past year. Eastern Time. The Dow gained 282 points, or 1.2 percent, to 24,142. The S&P 500 index dropped 2.3% to 2,621, while the Nasdaq Composite Index was off 2.5% on the session at 6,875.

The Dow Jones industrials are down 800 points, extending the market's losses.

Stocks fell further and further as the day wore on and suffered their fifth loss in the last six days.

The market's turmoil began last Friday and has continued this week as investors anxious about early signs of inflation. On one respected valuation measure (Cape) the USA market has only been more expensive on two other ominous occasions - 1929 and 1999.

The Russell 2000 is down 39.30 points, or 2.5 percent.

What many failed to predict, however, is the S&P 500's blazing slide from a record high on January 26 to a drop of 10 percent on Thursday.

The early rally in USA stock indexes followed a broad slide in global markets.

The Standard & Poor's 500 index, the benchmark for many index funds, also wavered between gains and losses.

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The Congressional Budget Office says the two-year budget deal will add $320 billion of spending. Those including technology companies, banks, and retailers and travel companies and homebuilders. Amazon rose 2.2 percent.

The recent turmoil in equities began last Friday, when the Dow fell 666 points after a better-than-expected jobs report ignited inflation fears.

The Russell 2000 index of smaller-company stocks rose 0.80 points, or 0.1 percent, to 1,507.97.

It is the second-worst fall in history, eclipsed only by Monday's 1,175-point plunge. Brent crude, the worldwide standard for oil prices, gave up 77 cents, or 1.2 percent, to $64.74 per barrel in London.

Similarly, the Dow Jones industrial average closed at 23,860.46, down about 10.4% from its high of 26,616.71, also on January 26.

The S&P 500 ended down 3.8 percent and the Dow finished down 4.2 percent.

Twitter had a banner day, soaring 16 percent after turning in a profit for the first time.

Hanesbrands sank 8.8 percent after its results came up short of analysts' foreacasts. The company also said it will pay $400 million to buy Australian retailer Bras N Things.

The benchmark FTSE 100 share index fell 35.51 points, or 0.5%, to 7,135.18. Other trusts that look cheap include Utilico Emerging Markets, on a 13.3 per cent discount versus a 10 per cent one-year average, and Fidelity Asian Values, which is offering a discount of 9.4 per cent versus a one-year average figure of 4 per cent.

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