Tuesday, 18 December, 2018

Dow plunges over 600 points

Tech stocks are getting slammed, Dow drops more than 400 points Tech giants slide, pulling US stock market sharply lower
Jodi Jackson | 15 November, 2018, 08:31

Stock trading turned jittery again after two weeks of gains, pulling the Dow Jones Industrial Average down 600 points.

Hong Kong's Hang Seng gained 0.2 percent to 25,706.88, while India's Sensex retreated 0.2 percent to 34,747.01.

In Canada, Toronto's TSX lost 0.19% to trade around 15,128.

With yesterday's losses, all three indexes erased the gains from their brief rally after the United States congressional elections on November 6.

A steep drop in technology companies sent USA stocks sharply lower, knocking off more than 400 points from the Dow Jones Industrial Average.

The stock market was coming off a two-week winning streak for the benchmark S&P 500. The Nasdaq Composite Index dropped 206.03 points, or 2.78 percent, to 7,200.87.

Financial shares were also lower.

The S&P 500 index fell 46 points, or 1.7 percent to 2,734.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move.

Treasury secretary Steve Mnuchin and Chinese Vice Premier Liu He have kicked off negotiations about a possible trade pact ahead of the G20 summit in Argentina where President Donald Trump and President Xi are to meet.

Canada's main stock index also fell on Monday, weighed by losses in shares of precious metal miners as gold prices hit its lowest in a month. Brent crude, used to price global oils, lost 81 cents to $69.33 in London. The Dow Jones industrial average was down 602.12 points or 2.3 per cent to 25,387.18.

Declining issues outnumbered advancing ones on the NYSE by a 2.80-to-1 ratio; on Nasdaq, a 3.64-to-1 ratio favoured decliners.

In Asian markets on Monday, China's Shanghai Composite rose 1.2 percent.

Apple shares fell 5 percent after several suppliers to the company, including Lumentum Holdings Inc, whose components power the iPhone's Face ID technology, cut their forecasts.

After hours, Apple stock nudged 0.2% higher, however.

FINANCIALS SLIDE: Banks and other financial companies also took heavy losses. Alphabet's Google (NASDAQ:GOOGL) fell 2.57%.

"We're kind of back to square one: It must feel like November 2016 to them, a lot", said John Kilduff, a Partner at Again Capital Management in NY, refering to the time period when OPEC and its allies agreed to initiate production cuts. Germany's DAX lost 1.8 percent and France's CAC 40 fell 0.9 percent.

"The bull market is not over, the economic expansion is not over, but things are starting to wind down, " said Randy Frederick, vice president of trading derivatives at Charles Schwab.

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