Stocks end wild day with 4% drop; S&P, Dow enter correction territory

BRITAIN-EU-POLITICS-STOCKS-MARKETS-FTSE-STERLING

BRITAIN-EU-POLITICS-STOCKS-MARKETS-FTSE-STERLING

Bond prices rose slightly.

"In the context of the rises we've seen, certainly this kind of pull-back of 5-10% is quite normal for markets - it just hasn't been normal for the last couple of years where we've seen very low levels of volatility and very small levels of weekly or monthly moves". Monday represented the biggest one-day percentage drop for both the S&P and the Nasdaq since June 2016, when markets sold off in the wake of the U.K.'s vote to leave the European Union.

Already, Wall Street had been expecting $1 trillion in Treasury issuance in 2018, almost double last year's total.

The Dow Jones industrial average sank 1,032.89 points, or 4.1 percent, to 23,860.46.

For MSCI's broadest index of world shares, the 47-country ACWI the slump was 6.2 percent, which as long as it is still more than 6.1 percent when US markets close later will be the biggest loss since September 2011.

The market did not get much help on Thursday from company earnings reports, several of which disappointed investors.

Trader Jonathan Corpina, center, works on the floor of the New York Stock Exchange, Thursday, Feb. 8, 2018. The stock dropped $2.11, or 9.6 per cent, to $19.85. The stock dropped $26.75 to $61.29.

Twitter had a good day, soaring 12% after turning in a profit for the first time.

The RBNZ does not expected inflation to reach 2 per cent until the third quarter of 2020, so a rate hike is not on the cards any time soon. The stock rose 3.27 dollars to 30.18 dollars. GrubHub will provide the delivery people and technology to let people order food from those restaurants.

Bond prices wobbled and turned lower.

Shaken out of many months of calm, Wall Street braced for a higher level of volatility in the days ahead, after a roughly 2 percent rebound in USA stocks on Tuesday followed the biggest one-day selloff in more than six years.

Oil was still slippy with US crude futures down 1.1 percent at $60.53 per barrel after hitting a seven-week trough of $60.27 on Thursday.

The Australian dollar fell by 1 per cent to 78.2 United States cents.

Wholesale gasoline remained at $1.77 a gallon.

Brent crude, used to price global oils, lost 58 cents to $64.23 in London. Britain's FTSE 100 fell 1.5 per cent and the French CAC 40 lost 2 per cent. Germany's DAX declined 2.6 per cent.

On Thursday, the Bank of England seemed to offer support for the view that rates in general are on an upward path.

The London, Paris and Frankfurt indexes gained between 1.5 and 2 per cent.

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