Wall Street on course for worst week in six years

The up-and-down trading Friday came a day after the market entered its first correction in two years.

US stock indexes slipped into correction territory again with a drop of more than more than 1 percent on Friday, as soaring volatility continued to spook investors.

The see-saw session is a reflection of the trading during this week's sell-off that has wiped off more than 6 percent of the three major indexes and sent the Dow Jones Industrial Average and the S&P 500 into correction territory on Thursday.

The Standard & Poor's 500 index skidded 13.48 points, or 0.5 percent, to 2,681.66. The Nasdaq Composite closed at 7,051.98 for a loss of -63.90 points or -0.90%.

On Tuesday, the Dow traded in an over-1,100 point range throughout the session.

Bond prices didn't move much.

"We note that U.S. ten year yields remain close to 2.8%, while the Vix remains elevated at around 30 and this suggests the relative calm of the last 18 months has ended and we are in now in store for more gyrations in equity markets".

As on other days this week, the losses followed some initial gains, raising the market's main gauge of volatility, the CBOE Volatility Index .VIX to 36.13 points, three times what it was a week ago. It fell more than 500 points at the open, rebounded shortly afterward to a 1 percent gain and then witnessed wild swings before surging more than 600 points in the late trading day.

At the heart of this week's pullback in the market has been a rise in U.S. bond yields due to growing expectations that a robustly performing economy will lead to higher inflation and a steady rise in official interest rates over this year.

"Dow futures are about 200 points offside this morning so there is still plenty of volatility in there".

FedEx and UPS dropped about 2 percent after the Wall Street Journal reported Amazon.com Inc will be launching its own delivery service.

Tracking their USA counterparts, banks led the decline locally, with the Australian financial index giving up 0.5 percent. The Nasdaq rose 69 points, or 1 percent, to 6,847.

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