Wall Street gains as volatility eases, Dow up over 200 points

US stocks struggle to stabilize after entering'correction

Monday's drop saw Dow Jones fall by 1,175 points, erasing numerous gains from the start of the year.

The Dow Jones Industrial Average closed down 1,032 points (or 4.15%), meaning it is 10% down from the record high it reached two weeks ago. That puts them in what's known on Wall Street as a "correction".

Market pros have been predicting a pullback for some time, noting that declines of 10 percent or more are common during bull markets.

For the second time this week, the Dow plunged more than 1,000 points. The Nasdaq composite was down 6 points, or 0.1 percent, to 6,956.

During the trading day, stocks swung from negative to positive after indexes started the session 2 percent lower.

"When you have a number of days like this - losing 7 percent in two days - that is a correction", Mark Kepner, managing director at the Themis Trading brokerage firm told Anadolu Agency.

The correction has resulted in a paper loss of $2.49 trillion for the S&P 500 and $5.2 trillion loss for global markets, according to S&P Dow Jones Indices.

Fears about the bond market, inflation and interest rates seized investors again Thursday and drove the Dow, the S&P 500 and the Nasdaq all into the red for the year. On Black Monday Dow plunged by a then-record of 508 points - 22%.

-Britain's 10-year yield fell four basis points to 1.521 percent, the biggest fall in nearly five weeks.

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It followed a similar pattern in Asia, where Japan's Nikkei 225 share benchmark plummeted as much as 7.1% and Hong Kong's Hang Seng index took a 4.4% hit.

"What is far more likely to occur going forward is a sustained pickup in volatility, which after a prolonged absence has made a dramatic reappearance of late and this is probably a good thing", said David Cheetham, chief market analyst at XTB. The general notion that stocks can't fall unless earnings do was reinforced by recent history.

This is approximately how much the stock market has lost since Washington passed personal and corporate income tax cuts on December 20.

Exacerbating volatility on Wall Street is a changing of the guard at the Fed: Former Fed governor Jerome "Jay" Powell was sworn in as chairman on Monday, and three spots on the board remain open, making monetary policy movements hard to predict.

The move lower will provide investors with cheaper stock valuations that are closer to historical norms and will be constructive for the market in the long term, Kenny said.

The uptick in volatility comes as investors react to the shifting conditions. Brent crude, the worldwide standard for oil prices, dropped 15 cents to $65.36 per barrel in London.

Investors worry that Treasury yields will rise to levels that make stocks less attractive, and will force the Federal Reserve to fight inflation by aggressively raising interest rates.

Bond prices wobbled and turned higher.

His comments also showed that the U.S. central bank are unlikely to be dismayed by this week's events on Wall Street. Australia's benchmark S&P ASX 200 slid 3.2 percent to 5,833.30 and South Korea's Kospi declined 1.5 percent to 2,453.31.

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