Dow, Nasdaq down more than 3% as USA stock losses deepen

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A trader works on the floor of the

“The only pattern we’re setting is more volatility”.

The Standard & Poor’s 500 index skidded 13.48 points, or 0.5 percent, to 2,681.66.

A “correction” is a Wall Street term for when an index like the Dow industrials or the Nasdaq – or an individual stock – falls 10 percent from its most-recent high.

The Dow Jones Industrial Average rose 330.44 points, or 1.38 percent, to 24,190.9, the S&P 500 gained 38.55 points, or 1.49 percent, to 2,619.55, and the Nasdaq Composite added 97.33 points, or 1.44 percent, to 6,874.49. Energy companies dropped along with oil prices and technology companies also declined.

The S&P 500 is up 8.05 points, or 0.3 percent.

The sharp selloff in recent days was kicked off by concerns over rising inflation and bond yields, sparked by last week’s January U.S.jobs report.

Earlier on Thursday, the 10-year U.S. Treasury note yield US10YT=RR rose as high as 2.884 percent, nearing Monday’s four-year peak of 2.885 percent, after the Bank of England said interest rates probably needed to rise sooner than previously expected. Average hourly wages grew 2.9 percent from a year ago – the largest increase since 2009. “And that is a process that is playing out”.

Stocks continued their wild week and are now in a correction.

The retreat in equities had been long awaited by investors as the market climbed steadily to record high after record high with few bumps. This is the lowest level for this average since March 10, 1973 when it was 222,000.

“You will often see bounces off those levels”, said Anwiti Bahuguna, senior portfolio manager at Columbia Threadneedle Investments in Boston.

The 3 percent pullback Thursday across USA indexes is something that did not happen in all of 2017.

Volatility remained high compared to recent months.

Trading volumes were 50 percent above normal.

Declining issues outnumbered advancing ones on the NYSE by an 8.26-to-1 ratio; on Nasdaq, a 5.58-to-1 ratio favored decliners.

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