Global Markets Shed $5.2 Trillion During the Dow's Stock Market Correction

US stocks posted their biggest weekly percentage drop in two years, despite ending Friday with gains.

The S&P 500 lost $2.49 trillion in market value since January 26 through Thursday, according to S&P Dow Jones Indices.

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.

The S&P 500 ended the week almost 9 per cent below the all-time high set just two weeks ago.

On Friday, benchmark 10-year notes last rose 4/32 in price to yield 2.8349 percent, from 2.849 percent late on Thursday.

Earlier, the Shanghai Composite Index had tumbled as much as 6.0 percent to its lowest since May 2017, and the blue chip CSI300 index dived 6.1 percent.

The major USA equity indexes are rebounding shortly after the cash market opening on Friday after yesterday's steep declines.

"Global markets are breathing a huge sigh of relief after a late rally in USA stocks yesterday", currency analysts at ING wrote in a report on Wednesday.

This story will be updated as new information becomes available.

United Kingdom shares opened lower on Friday, but the declines were not as big as those seen in Asia and the US.

Despite the stock price freefall, Treasurer Scott Morrison called for calm on behalf of average Australian investors. And major economies around the world are growing in tandem for the first time since the Great Recession.

In Europe, markets were unnerved Thursday by the Bank of England's indication that it could raise its key interest rate in coming months due to stronger global economic growth.

"These are the early days of the flu", Johnson told CNBC's "Trading Nation" on Thursday.

The Canadian market was in negative territory, but off its lows for the day, as oil prices fell and Statistics Canada released disappointing jobs data.

U. S. crude fell 2.16 percent to $59.83 per barrel and Brent was last at $63.50, down 2.02 percent on the day. Britain's FTSE 100 fell 1.5 percent and the French CAC 40 lost 2 percent.

Shares of energy giants Encana and Cenovus Energy were both off more than three per cent.

The Dow Jones industrials are down 800 points, extending the market's losses.

Also driving rates higher is the projected increase in federal debt as a result of the big tax-cutting bill passed in December as well as the two-year spending deal signed by President Trump on Friday.

The Dow lost 1,330.06 points, or 5.2 percent.

Concerns about higher bond yields and interest rates spurred recent selling of equities, disrupting an extended advance in stocks, though the retreat in the market had been long awaited by investors.

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