AP Q&A: What it Means That Stocks Are in a 'Correction'

Dow Jones Global markets

Traders work on the floor of the New York Stock Exchange moments before the closing bell on February 8, 2018 in New York. 5, the market saw the first decline of the year.

Stocks staged a late rally Friday, ending a wild week marked by dramatic point swings on a positive note.

The Dow Jones Industrial Average dropped more than 1,500 points at one point on Monday.

X The S&P 500 dropped to its long-term 200-day moving average, a level it had not reached since July 2016, and found support at that line.

The S&P 500 looked like it was heading for a slight rebound in Friday's premarket.

The sharp falls of the week confirmed the market was in a correction, down more than 10 percent from 26 January, and throwing the almost nine-year bull market off course.

The broad-based S&P 500 sank 3.8 per cent to 2,581.00, while the tech-rich Nasdaq Composite Index plunged 3.9 per cent to 6,777.16.

Analysts and traders say the sell-off had begun a major correction to nine years of near uninterrupted gains for Wall Street.

The market, in its second-longest bull run, had not seen a correction for two years, an unusually long time.

The rout marked a stark turnabout in investors' mood from just two weeks ago, when indexes set their latest record highs. The Dow ended up 330 points, or about 1.38 percent. At last check, DIS stock has erased early gains to trade 0.1% lower at $101.20. The Dow has had two 1,000-point drops this week.

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The broader All Ordinaries index was down 97.7 points, or 1.63 per cent, at 5,897.5 points. The Nasdaq was down 10 points, or 0.2 percent, to 6,765.

Bond yields in the U.S. have also risen in recent weeks, typically a signal of higher rates.

The jitters have been driven by the rapid rise in 10-year Treasury yields.

The CBOE Volatility index, which is the main gauge of expected volatility on Wall Street, rose to 34.33 in the afternoon - but still well below over 50 hit on Tuesday, which is a 2½-year high.

Thursday was the fifth consecutive trading day that the Dow fluctuated more than 500 points in intraday trading, a sign of the growing uncertainty and volatility in the market.

Now, there are fears that interest rates may rise and that some of the exuberance in equity markets over the past year or so may have been misplaced. Skechers USA (SKX) climbed $2.88, or 7.5 percent, to $41.06.

Emerging market stocks lost 1.73 percent. It was up as much as 349 in early trading.

The dollar index rose 0.23 percent, with the euro down 0.12 percent to $1.223.

Advancing issues outnumbered declining ones on the NYSE by a 1.43-to-1 ratio; on Nasdaq, a 1.36-to-1 ratio favoured advancers. Ten-year Treasury yields fluctuated near their four-year highs, while the yen found traction as a haven from the stock turmoil.

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