Wall Street slips into correction territory

Bad day turns terrifying as Dow suffers worst point plunge ever

For the stock market to halt on Thursday, to allow fearful investors a chance to cool off, the S&P would have to drop to around 2,494, according to this notice from Nasdaq that is updated daily.

A fall of more than 10 per cent or more from a high is what traders class as a correction, while a decline of 20 per cent or more is often termed a bear market.

At 10.09am ET (1509 GMT/11.09pm Malaysian time), the Dow Jones Industrial Average was up 228.25 points, or 0.92 per cent, at 25,141.02. The yield on the 10-year Treasury note was unchanged at 2.83 percent. Hong Kong's Hang Seng skidded 5.1 percent and South Korea's Kospi declined 1.5 percent.

After huge gains in the first weeks of this year, stocks started to tumble on Friday after the Labor Department said workers' wages grew at a fast rate in January. "They could be in full panic mode right now". Investors remain fearful that signs of rising inflation and higher interest rates could bring an end to the bull market that has sent stocks to record high after record high in recent years.

The broader S&P 500 fell 3.8pc, also ranking as a correction. Asian shares have opened lower and are tracking the overnight plunge on Wall Street. "Is the bond market telling us something we don't know?"

Boeing (BA.N) and United Tech (UTX.N) rose about 1.5 percent, providing the biggest boost to the Dow, while Amazon's (AMZN.O) 1 percent rise helped lift the S&P. The S&P 500 fell 101 points, or 3.8 percent, and the Nasdaq index fell 275 points, or 3.9 percent. Today, when good news is reported, the Stock Market goes down.

After starting the year strong, last week was the worst week on Wall Street in two years, and the decline continued Monday.

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He said it seemed that markets appeared to rally as soon at the European stock markets closed around 11:30 a.m.

The fresh volatility came a day after the benchmark S&P 500 and the Dow industrials confirmed they were in correction territory, both falling more than 10 percent from January 26 record highs.

The Federal Reserve combats inflation by raising its interest rates.

What is a stock market correction?

In small-caps, the Russell 2000 Index closed at 1,507.97 for a gain of 0.80 points or 0.05%.

The Bank of England strengthened its economic forecast Thursday and announced that it will likely have to raise interest rates both earlier and higher than it expected in November. Even with the rebound, this was the worst week for the market in about two years. That combination usually carries stocks higher. The implications include rising interest rates, the possibility of inflation and surging government deficits.

Benchmark U.S. crude lost 64 cents to $60.51 per barrel in electronic trading on the New York Mercantile Exchange.

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