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After A Day of Wild Market Swings, Dow Closes 567 Points Higher

10 February 2018, 09:41 | Melvin Schneider

After A Day of Wild Market Swings, Dow Closes 567 Points Higher

A general view of the reduced size of the trading hall at the Hong Kong Stock Exchange in Hong Kong

Microsoft lost 2.3 percent. TWII lost 5.0 percent, its biggest slump since 2011, Hong Kong's Hang Seng Index .

Hopes that Wall Street won't repeat the scale of Monday's losses helped limit the selling during European trading hours.

USA stocks were under fire on Monday with the Dow Jones Industrial Average falling almost 1,600 points at one point and all three major stock indexes erasing all of 2018's gains thus far.

The catalyst for the latest sell-off came in jobs figures last Friday showing that wage growth in the USA was creeping higher. By Tuesday, it was once again slightly higher for 2018.

The S&P 500 index showed 2 new 52-week highs and no new lows, while the Nasdaq recorded 13 new highs and 21 new lows.

At 9:32 a.m. ET (1432 GMT), the Dow was up 346.11 points, or 1.45 percent, at 24,206.57. The Dow and other indexes have been on a wild ride all week. The Nasdaq composite rose 2.1 percent to 7,115.88. The Dow has had two 1,000-point drops this week. The selling spread to overseas markets. It was up as much as 349 shortly after the opening bell.

Financial analysts regard corrections as a normal event but say the latest unusually abrupt plunge might have been triggered by a combination of events that rattled investors.

He did keep an eye on the market's performance during his congressional testimony Tuesday morning.

"Now that everybody is on edge, you're going to see the volatility swing in both directions", Reuters quoted Lancz as saying. "It is now up 187 points so we are back up today".

"What we have seen is perhaps the greatest sign of real health in markets for a long time", Bateman said.

Treasury Secretary Steven Mnuchin appeared at a previously scheduled hearing on Capitol Hill, where he urged lawmakers to focus on the economy's strong fundamentals. The job market remains healthy, as evidenced by a report Thursday that applications for unemployment benefits are at a 45-year low.

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The Dow Jones industrial average is up more than 300 points in early trading Friday, a day after it suffered its second 1,000-point drop in a week.

By midday it was up 30 points, or 0.2 percent, at 24,395.

The pivotal gauge of S&P 500 volatility, the VIX, opened at a relatively elevated 31 points, before slipping to 22.62.

It is also buying about 56 British pence and 63.6 euro cents.

The blue-chip Dow Jones index closed 4.15 per cent lower at 23,860.

Benchmark U.S. crude oil lost 64 cents, or 1 percent, to $61.15 a barrel in NY.

The benchmark Standard & Poor's 500 index is now down 8 percent from the record high it set January 26. The yield on the 10-year Treasury note rose to 2.80 percent from 2.71 percent. If the S&P declines 20% at any point in the day, trading is called off for the day. These included Dow members Apple, Home Depot and Chevron, all of which recovered more than four percent.

The economy is strong, but investors are anxious about inflation, and the possibility that the Federal Reserve will raise interest rates faster than expected to fight it.

Our perceptions are distorted, in part, by thinking about swings in terms of points rather than in terms of percentages.

At one point it was down 1,600 points.



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