Dow Industrials Plunge 1000 Points for Second Time in Week

Dow Industrials Plunge 1000 Points for Second Time in Week

CNN and 24/7 News Source contributed information to this article.

Technology companies accounted for most of the broad gains, outweighing losses in energy stocks, which slumped as USA crude prices declined, sending the price of oil below $60 a barrel for the first time this year.

The market's recent volatility has wiped out the Dow's gains (and the S&P 500's) for 2018. The S&P 500 and Nasdaq also rallied into positive territory.

The Dow Jones industrial average fell 4.15% to 23,860 points, just three days after falling 4.6% on Monday.

"These are the early days of the flu", Johnson told CNBC's "Trading Nation" on Thursday.

Monday's drop of 1,175 points was the Dow's worst day ever (in points terms), far exceeding the index's previous record drop of 777, set on 29 September, 2008.

The Dow Jones industrial average was down about 340 points, or 1.4 percent, the S&P 500 down 31 points, or 1.2 percent, and the Nasdaq index down 118 points, or 1.7 percent.

The benchmark FTSE 100 share index fell 39.59 points, or 0.6%, to 7,131.10.

Since then, US Treasury bond yields have risen as market pundits warn of rising inflation.

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In afternoon trading, the S&P 500 briefly broke below its 200-day moving average, a level seen as technical support, and then cut losses, a day after a plunge that confirmed a correction for the USA market.

The Russell 2000 index of smaller-company stocks rose 14.04 points, or 1 percent, to 1,477.84.

Stocks started to fall in early trading and extended their losses throughout the morning.

The S&P 500 is down 54.06 points, or 2 percent. The benchmark 10-year yield fell 2 basis points to 2.86% Friday afternoon.

The market's best hope for escaping the current cycle is if next week's U.S. inflation data contain no bombshells and bond yields do not increase from their current range, Mr Hogan said. Ten-year Treasury yields fluctuated near their four-year highs, while the yen found traction as a haven from the stock turmoil.

The closing numbers are displayed after the closing bell of the Dow Industrial Average at the New York Stock Exchange on Wall Street on February 8, 2018 in New York.

The Dow Jones fell 1,032 points on Thursday, the second decline of more than 1,000 points for the index in a week.

"There's some big-money players that have really leveraged to the low rates forever, and they have to unwind those trades", said Doug Cote, chief market strategist at Voya Investment Management. Amazon rose 2.2 percent.

Some believe the market declines are a positive as constant economic gains could push the Federal Reserve to increase interest rates now resting at 1.7 percent.

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