Wall Street plummets again as S&P, Dow confirm correction

The Dow Jones suffered its biggest single-day points decline on record as investors grew jittery about interest rates

"The market has become a much more unsafe place", billionaire Carl Icahn told CNBC.

Investors are still weighing whether the sharp swings this week are the start of a deeper correction or just a temporary bump in the nine-year bull market, spurred by concerns over rising interest rates and bond yields.

The Dow Jones industrials are down 500 points, extending the market's losses. Personal debt has lightened since the financial crisis a decade ago.

Investors and the trillions of dollars they control, it turns out, have minds of their own, as shown by the stock market's dizzyingly steep declines on Friday and Monday and the volatility that extended into Tuesday. "We're going to continue to see volatile days", TD Ameritrade chief market strategist JJ Kinahan said. "This is just some healthy, and overdue, volatility to wring out any excess". The drop could be due to the fear of the Fed increasing interest rates faster than normal. "I'd characterize what we've seen over the past year as abnormal", said Sameer Samana, global equity and technical strategist at Wells Fargo Investment Institute in St. Louis.

"There have been a couple of bad days, [but] if you go back to the day he was elected, we're up by about a third", Hassett said.

The dread that gripped equity markets earlier in the week re-emerged Thursday as USA stocks plunged on concerns that rising interest rates will drag down economic growth. Brent crude, the global standard for oil prices, gave up 70 cents, or 1.1 percent, to $64.81 per barrel in London. Spot gold dropped 0.9 percent at $1,313.67 per ounce.

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Economically sensitive S&P materials, technology and consumer discretionary indexes advanced, while the rest sagged, led by a decline in rate-sensitive utilities, down 1.6 per cent.

Sparking the turbulence was a report released last week showing that hourly wage growth rose at its fastest pace since 2009.

The original trigger for the equities sell-off was a sharp rise in United States bond yields late last week after data showed United States wages increasing at the fastest pace since 2009. That also sent the pound higher.

Japan's Nikkei 225 average lost 2.8 percent to 21,240.05 in early trading Friday.

Benchmark Treasury yields rose on Wednesday after the weak demand in the U.S. Treasury Department auction of new 10-year notes and the U.S. Senate reached a budget deal, possibly adding to pressure on stocks.

The pan-European FTSEurofirst 300 index lost 1.89 percent and MSCI's gauge of stocks across the globe shed 1.26 percent. Both France's CAC 40 and Germany's DAX were both two percent lower. Microsoft lost 2.3 percent. Hong Kong's Hang Seng skidded 5.1 percent and South Korea's Kospi declined 1.5 percent.

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