Dow ends wild day down 1175 points, largest point drop in history

Asian shares mirror Dow comeback, dollar steady | Miami Herald

In Tuesday morning trading, investors took another roller coaster ride. Germany and France fell 2.6% and 2% respectively.

Also Wednesday, Australia's S&P/ASX 200 gained almost 0.8 percent to 5,876.80. All other Asian markets tanked, too, including the Shanghai Composite index, which closed 3.4 percent lower at 3,370.65 and Hong Kong's Hang Seng, which skidded 5.1 percent to 30,595.42.

Two days of steep losses have erased the USA market's gains from the start of this year, ending a spate of record-setting calm for stocks. The index's 3.75 percent drop Thursday wiped out its gains for the year.

Several of the biggest USA equities enjoyed handsome gains after being battered in Monday's selloff, which saw the Dow fall 1,175, the biggest point drop on record. The market appears to be telling us that earnings rather than valuations will have to do the heavy lifting for the next year or two.

Several factors are contributing to the return of neck-wrenching volatility this week after years of absence in the market.

European stock markets finished higher overnight, snapping a seven-day losing streak. They also experienced corrections. These included Dow members Apple, Home Depot and Chevron, all of which recovered more than four percent.

Bond yields turned higher after a sharp drop Monday.

The Standard & Poor's 500, the benchmark for many index funds, is also 10 percent below the record high it set two weeks ago. The Nasdaq composite rose 2.1 percent to 7,115.88.

Even after this week's losses, the S&P 500 index is up 12.5 percent over the past year.

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Wall Street shares slid sharply again on Thursday, compounding losses on the Dow Jones Industrial Average and S&P 500 which started last week.

The Dow Jones Industrial Average dropped by 1,032 points on Thursday, or 4.15 percent, closing at 23,860.46. That's less than the 10 percent seen as a correction.

Investors were weighing whether the sharp swings were the start of a deeper move down or just clearing the way before a resumption of the aging bull market, which would turn nine on March 9, Reuters noted.

"The strong headlines job numbers and strong wage growth that we saw last Friday have really seen investors anxious about the threat of higher inflation and the prospect of higher interest rates in the USA", said Candice Bangsund, a vice-president and portfolio manager at Fiera Capital in Montreal.

The drop in early trading Tuesday marked the third straight day of steep declines. Netflix, Alphabet/Google and Square fell more than 8 percent in the past five trading days; the Dow and the S&P 500 are both down over 6 percent.

West Texas Intermediate oil futures fell 64 cents, or 1%, to $61.15 a barrel.

The dollar fell to 108.84 yen from 109.42 yen. The euro dipped to $1.2394 from $1.2399.

Mnuchin said he had checked with market participants earlier Tuesday and had been assured that markets had functioned well with no systemic issues during the big market declines on Monday.

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