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Wall Street plunges

Reuters
Wednesday, February 07, 2018

US stocks plunged in highly volatile trading on Monday, with both the S&P 500 and Dow Industrials indices slumping more than 4.0 per cent, as the Dow notched its biggest intraday decline in history with a nearly 1600-point drop and Wall Street erased its gains for the year.

The declines for the benchmark S&P 500 index and the Dow Jones Industrial Average were the biggest single-day percentage drops since August 2011, a period of stock-market volatility marked by the downgrade of the US's credit rating and the euro zone debt crisis.

The question now for investors, who have ridden a nearly nine-year bull run, is whether this is the long-awaited pullback that paves the way for stocks to again keep rising after finding some value, or the start of a decline that leads to a bear market.

"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 psychology of the market changed today. It'll take a while to get that psychology back."

After regular trading hours on Monday, S&P 500 E-mini stock futures rose 0.73 per cent, suggesting some traders expect Wall Street to open with a gain on Tuesday.








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Code Inward TTs Outward TTs
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