Economy

Markets Right Now: Stocks open higher on Wall Street

Markets Right Now: Stocks open higher on Wall Street

The Dow Jones industrial average gained 330 points, or 1.4 percent, to 24,190.

The technology-heavy Nasdaq index was the latest to rack up cumulative falls of more than 10 percent from its peak - the technical definition of when a market is correcting.

The fresh volatility came a day after the benchmark S&P 500 and the Dow industrials confirmed they were in correction territory, both falling more than 10 percent from January 26 record highs.

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 index suffered its second 1,000-point drop in a week on Thursday.

By 8:06 a.m. ET (1306 GMT), Dow e-minis were down 114 points, S&P 500 e-minis were down 6.25 points and Nasdaq 100 e-minis were up 17.25 points.

Stocks swung dramatically between gains and losses Friday, an appropriate end to a week that featured numerous big point swings.

Since hitting that high last month, the S&P 500 has lost about $2.49 trillion. Stocks struggled to stabilize much of the day as investors sent prices climbing, then slumping in unsteady trading a day after the market entered its first correction in two years.

The market's main gauge of volatility, the CBOE Volatility Index, was at a relatively elevated 32.25 on Friday, almost three times what it was a week ago but lower than a two-and-a-half-year high of 50.30 points hit on Tuesday.

The Standard & Poor's 500 index rose 16 points, or 0.6 percent, to 2,598.

Bond prices also fell.

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At the heart of the pullback has been a rise in USA 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. But the market turned lower by early afternoon.

The market, now in its second-longest bull run of all time, had not seen a correction for two years, an unusually long time. That means a drop of 10 percent from a recent peak. The indexes reached their latest record highs just two weeks ago.

In Europe, Germany's DAX fell 1.2 percent, while France's CAC 40 lost 1.2 percent. It was up as much as 349 in early trading.

The pan-European FTSEurofirst 300 index lost 1.66 percent and MSCI's gauge of stocks across the globe shed 1.32 percent.

In currencies, the dollar clung to its earlier gains against a basket of currencies as Wall Street's major indexes edged up.

Concerns about higher bond yields and interest rates spurred recent selling of equities, though the retreat in the market had been long awaited by investors after months of advances. The yield on the 10-year Treasury note was unchanged at 2.83 percent.

Telecom, utilities and financial stocks also saw considerable strength, contributing to the higher close by the broader markets. The Dow moved in a range of more than 800 points.

That sign of inflation has market participants anxious that the Federal Reserve will increase interest rates, perhaps more aggressively than the three rate hikes already expected for this year.

Mainland Chinese shares led the declines with the Shanghai composite losing over four per cent, while Hong Kong's Hang Seng index lost over three per cent. Brent crude, used to price worldwide oils, slid 94 cents, or 1.5 percent, to $63.87 in London.

A trader works on the floor of the New York Stock Exchange at the Opening Bell in New York, Feb. 9, 2018.

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