Boeing set to lead Wall St higher after two-day slump
- Author: Kelly Blake Feb 02, 2018,
Feb 02, 2018, 21:11
US stocks traded sharply lower on Tuesday, falling for a second day as the first major sell-off of the new year intensified.
Stocks fell lower due to a decline in energy shares amid ongoing evidence of rising USA crude output.
Today, nine of the 11 major S&P sectors were lower, with the telecommunications index's 1.6 per cent fall leading the decliners. The Dow Jones Industrial Average closed at 26,076.89 for a loss of -362.59 points or -1.37%.
Investors are watching to see if the US Federal Reserve, which is in the middle of a two-day meeting in Washington, will signal when interest rates might rise again.
Investors were phased by the two day decline on Wall Street, as Gennadiy Goldberg, interest rates strategist at TD Securities in NY said this pushed people in to the arms of the safety of USA government bonds.
"Investors are getting a bit anxious about inflation which has led some people to believe that the Fed might be more aggressive when it comes to raising rates", said Robert Pavlik, chief investment strategist at SlateStone Wealth.
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As the United States treasury bond sell off depended, U.S. treasury yields shot up to a peak of 2.73%, the highest level since 2014.The Dow dumped 177 points in its worst trading day so far this year and the S&P dived 0.7%.
The Dow and S&P 500 had their biggest daily per centage declines since September 5.
Wall Street stocks tumbled for a second straight session Tuesday, with the Dow posting the largest decline since May, as health care shares sank on worries about Amazon's push into the sector.
The selloff set traders in the options market fretting about a near-term shock to equities and the Cboe Volatility Index, the most widely followed barometer of expected near-term stock market gyrations, closed up 0.95 points at 14.79, its highest close since August 17. U.S. stocks experienced a spectacular reversal and plummeted overnight, as the United States 10 year treasury yield pushed relentlessly higher.
The dollar reversed Monday's gains.
Among earnings, Pfizer shares fell 3.3 percent.
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The Nikkei 225 edged down 0.18%. They has risen about 2 percent earlier after the company's quarterly results and full-year forecasts beat expectations.
The Dow is up 1,430.17 points, 5.8 percent.
Harley-Davidson dropped 8.1 percent after the motorcycle maker forecast a drop in shipments this year.
The Nasdaq is down 94.29 points, or 1.3 percent.
The euro, whose strength had crimped stocks late last week, eased back from its highs, but Europe's STOXX 600 index edged 0.2 per cent, as investors held their breath for the results rush.
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