U.S. stocks end again with deep losses, Dow down 2.1%

New York City. With bond prices dropping interest rates have been surging resulting in the Dow Jones Industrials Average falling over 200 poin

Wall Street continued to slide Thursday after initially finding some relief in tamer-than-expected inflation data, a day after worries about rising rates and trade tensions sparked a sharp sell-off in global markets.

The Standard & Poor's 500 index fell 94 points, or 3.3%, to 2,785 on Wednesday, its biggest one-day loss since February 8.

US consumer prices rose less than analysts had forecast in September, reducing expectations the pace of inflation is accelerating despite a tightening labor market.

"I contend that the concerns of rising interest rates are largely overblown".

West Texas Intermediate has shed almost $4 a barrel since Tuesday, marking its steepest two-day decline in more than three years.

Treasury yields retreated from multi-year highs following the inflation data and as investors flocked to the relative safety of USA government bonds. Investors are further rattled about Trump's complaints about the Fed's rate increases. "They're so tight. I think the Fed has gone insane", he told reporters while traveling in Pennsylvania on Wednesday.

Stephen Innes of OANDA said that Trump's comments have put pressure on the dollar but "the severity of this equity rout could bring the hawkish Fed narrative into question". "As stocks go down, tech goes down more than the stock market", she said. Amazon skidded 4.8 per cent to $1,781.21 (U.S.). The worldwide lender cited trade tensions and emerging markets as it downgraded its global growth forecast for this year and next.

Tokyo's Nikkei 225 gave up 3.9 percent to 22,591.10 and the Shanghai Composite lost 4.3 percent to 2,607.44.




The drop in yields hurt banks, and JPMorgan Chase fell 3 percent to $1078.13 while Bank of America sank 3 percent to $28.36.

Wholesale gasoline shed 2.7 per cent to $2.02 a gallon. Kinahan said investors don't know what to do because stock prices are skidding, but bond prices have also dropped sharply, which limits the appeal of bonds as an investment.

The Dow Jones Industrial Average closed at 25,598.74 on Wednesday with a loss of -831.83 points or -3.15%. The S&P 500 is also down more than 5 percent over the two days and after falling for the past six trading days is nearly 7 percent below its September 20 high.

It sets up the Australian sharemarket for steep losses to open the session, with futures at 7:35am AEDT pointing to a fall of 109 points, or 1.8 per cent, at the open. It's fallen 6.3 per cent over the last five days. The Russell 2000 index of smaller-company stocks shed 46.45 points, or 2.9 percent, to 1,575.41. Many stock-market observers pin the start of the current bull market, the longest since World War II, at March 9, 2009.

The tech sector was hit hardest, with Netflix down almost 7 per cent, Amazon down 5 per cent and Apple, Google and Facebook all down more than 3 per cent. Tencent has retreated 43 percent from its high this year and fallen out of the top 10 global companies by market value. The CBOE Volatility Index, widely considered a fear gauge for the market, rose to 24.1 points on Thursday morning, a fresh six-month high.

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The dollar fell to 111.98 yen from 112.59 yen, and the euro rose to $1.1593 from $1.1525.

USA crude dropped 3 percent to $70.97 a barrel in NY.

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