US Stock Market Opens Higher After A Tumultuous Week

US Stock Market Opens Higher After A Tumultuous Week

You might have had day traders trying to get out at the end of the day.

That means they are in what is known on Wall Street as a "correction", their first in nearly two years.

The Swiss franc dipped 0.2 percent to 0.9383 franc per dollar after advancing about 0.7 percent the previous day, while the euro was on course for its worst week against the dollar since October as it nudged up to $1.2271.

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.

Analysts cited higher Treasury bond yields as the catalyst for the drop, coupled with the view that the market surged to unsustainably high levels in December and January in the euphoria over USA tax reform.

Most S&P sectors posted losses, with energy (-1.7pc) and technology (-1.6pc) being the weakest performers.

"We had gone very far, very fast", Matthew Cheslock, a trader at Virtu Financial, said from the floor of the New York Stock Exchange.

As for the blue-chip Dow Jones index, it also experienced a sharp pullback. Employers are hiring at a healthy pace, with unemployment at a 17-year low of 4.1 percent.

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Europe's mainstay - German Bunds - were barely budging too at 0.70 percent, as their recent rise in yields left them flirting with another weekly rise, which would mark their longest run of weekly gains in 16 years.

The global sell-off began last week after a solid U.S. jobs report fuelled expectations that the Federal Reserve would need to raise interest rates faster than expected, because of the strength of the economy.

Overseas markets have mostly calmed down after plunging earlier this week.

European bourses saw relatively minor early losses but China's overnight plunge had gouged at confidence again after the second 1,000 point loss of the week for the U.S. Dow Jones Industrial had sent it into official correction territory.

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

In Tokyo the Nikkei 225 index rose 1.1%.

Australian shares are tipped to open slightly higher today, but with a little volatility. The stock rose $3.32 to $30.23.

This follows the Reserve Bank of New Zealand's decision to leave interest rates unchanged this morning, as widely expected. Starbucks (SBUX), JPMorgan Chase (JPM) and Wells Fargo (WFC) also are among the dozens of big employers who have hiked wages in the wake of tax cuts. The Fed's key rate was "near zero for years".

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