Economy

Wall Street plunges, S&P 500 erases 2018's gains

Wall Street plunges, S&P 500 erases 2018's gains

It was a sign that Trump may be absorbing a tough message, underscored by former White House advisers, that American presidents traditionally have avoided commenting directly on Wall Street's fickle trends.

North American stock indexes extended last week's slump, as the Dow Jones industrial average plunged almost 1,600 points during Monday's trading session - bringing an end to a period of record-setting calm in the market. Plus, Phillips said, "If you look at the action, someplace around 3 in the afternoon or so, the market shot way down".

"However once this kind of stampede starts it's hard to stop".

The average then recovered and ended the day down 1,175.21 points, or 4.6%, at 24,345.75. Australia's benchmark S&P ASX 200 slid 3.2 per cent to 5,833.30 and South Korea's Kospi declined 1.5 per cent to 2,453.31. The DAX in Germany shed 0.8 percent.

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Selling in the stock market intensified on Wall Street late Monday as the Dow briefly cratered more than 1,500 points, wiping out its gains for the years and knocking it below the 25,000 level, extending last week's steep selloff in dramatic fashion. While another said the combination of falling stock prices and rising earnings has made the pricey market less expensive.

Until recently, gains for stocks have come as the market has been relatively subdued, and any declines were met with buyers looking for bargains.

Ferrantino said that the stock market should remain strong even though the era of ultra-low interest rates may be coming to a close with rising rates. The good news is that the US economy is strong, with European economies also awakening from previously feeble growth levels. "The markets will be having a rough couple of weeks at it assimilates the "new" normal", he added of expectations the Fed would not be hiking rates faster than the previously expected three times.

Much could hinge on the open on Wall Street and futures markets are predicting a modest improvement - Dow futures and the broader S&P 500 futures are up 0.6 per cent at 1.2 per cent, respectively. The Dow closed down 4.6 percent and turned negative for the year. Falls like this have not been registered since August 2011 when investors were fretting over Europe's debt crisis and the debt ceiling impasse in Washington that prompted a USA credit rating downgrade. Around 188 stocks, including Aditya Birla Capital, Andhra Bank, Bajaj Hindusthan Sugar, BGR Energy Systems, Central Bank of India, Cummins India and Godfrey Phillips India, hit fresh 52-week lows on BSE as the Sensex lost about 1,275 points due to across-the-board losses after investor sentiment was hit by a sell-off in world markets.


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