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Wall St plummets; S&P 500, Dow confirm correction

Reuters
Saturday, February 10, 2018

US stocks plunged around four per cent yesterday in another dramatic session, confirming a correction that has thrown the market's nearly nine-year bull run off course.

The bottom of this recent slide remained elusive for investors, who have been whipsawed this week by huge swings that have shaken a market that had only climbed steadily for months.

With yesterday's drops, the benchmark S&P 500 and the Dow industrials confirmed they were in correction territory, both falling more than 10 per cent from January 26 record highs.

The S&P 500 slumped 3.8 per cent yesterday, while the Dow dropped 4.2 per cent as losses accelerated late in the trading day.

The S&P 500 last confirmed a correction in January 2016, when it fell 13.3 per cent amid concerns about a slump in oil prices.

The S&P closed below the intraday low it had hit on Monday, a key level traders had been watching.

Yesterday marked another day of recent sharp swings including the S&P 500's biggest drop in more than six years that pulled equities away from record highs.








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