Wall Street Set For Worst Week Since 2011

Wall Street Set For Worst Week Since 2011

Wall Street Set For Worst Week Since 2011

Since hitting record highs at the end of January, the Dow Jones Industrial Average and the benchmark S&P 500 index are both down over 10 percent. Eight stocks fell for every one that rose on the New York Stock Exchange and 490 of the companies in the S&P 500 took a loss.

The two best-known stock market indexes, the Dow and the Standard & Poor's 500, have dropped 10 percent from their all-time highs, set January 26.

"I'd like to see buying come in late in the day instead of having a selloff like we had yesterday", he said.

The S&P 500 and Nasdaq indexes also experienced continuing decline, each dropping 3 percent.

In the case of individual equities, domestic United Kingdom stocks have become even cheaper after suffering further share price falls, while in terms of sectors banks stand out for their low valuations.

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Some investors fear the market is over-stretched in the context of higher inflation and rising bond yields as central banks withdraw their easy money policies of recent years.

On Friday, benchmark 10-year notes last rose 10/32 in price to yield 2.8149 percent, from 2.849 percent late on Thursday.

In early trading, France's CAC 40 lost 0.4 percent to 5,144.35, adding to Thursday's 2 percent decline, and London's FTSE 100 shed 0.3 percent on top of the previous day's 1.5 percent retreat. Bond yields are rising as the Federal Reserve trims its USA bond holdings.

"A lot of people who have been in this market for the past three or four years have never seen this before", said Dennis Dick, a proprietary trader at Bright Trading LLC in Las Vegas.

The S&P's correction is the fifth of this bull market, according to Yardeni Research.

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The Dow Jones Industrial Average dropped by around 1,033 points, or around 4.15 percent Thursday morning. The Nasdaq composite is close, but not all the way there, down 9.7 percent from its record.

On Wall Street, many companies that rose the most over the a year ago have borne the brunt of the selling.

The market's main gauge of volatility, the CBOE Volatility Index, fell to 26.74 on Thursday, still more than twice levels it held over the past few months. On one respected valuation measure (Cape) the U.S. market has only been more expensive on two other ominous occasions - 1929 and 1999. The Dow had a more than 1,100-point difference between its high and low on Tuesday.

The market turmoil follows a prolonged period of booming stock prices with virtually no sharp declines. Brent crude, the global standard for oil prices, gave up 70 cents, or 1.1 percent, to $64.81 per barrel in London. The Dow gained 330.44 points, or 1.4 percent, to 24,190.90.

This compares to the blue-chip index closing yesterday at 1.5% while the Euro Stoxx 600 was down 1.6%. Expedia (EXPE.O) shares sank 19 percent after the online travel services company said costs would outpace revenue growth this year.

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Some say the fluctuations are because of the good news, with fears that an overheated economy and nascent inflation will push the Federal Reserve to raise rates.

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