Worst Stock Market Day Since February

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    Tony Koretz

    Dow plunges more than 800 points in worst drop since February, Amazon and tech shares lead the rout

    Jim Cramer on CNBC’s “Mad Money.”
    Stocks sank on Wednesday as a steep decline in tech shares and worries of rapidly rising rates sent Wall Street on pace for its worst day in eight months.

    The Dow Jones Industrial Average closed 831.83 points lower at 25,598.74 as Intel and Microsoft fell more than 3.5 percent each. The Nasdaq Composite plummeted 4 percent to 7,422.05.

    The Dow also closed near its lows of the day.

    READ MORE https://www.cnbc.com/2018/10/10/us-markets-bond-yields-and-data-in-focus.html

    Trump Blames Powell: “I Think The Fed Has Gone Crazy” After Selloff

    After The White House put out the calming statement (below), President Trump told reporters that “it’s the correction that we’ve been waiting for a long time.”

    And once again, Trump was not shy about criticizing or scapegoating Fed Chair Jay Powell:

    “The Fed has gone crazy,” he told reporters on Wednesday as he arrived in Pennsylvania for a campaign rally. “So you can say that well that’s a lot of safety actually, and it is a lot of safety, and it gives you a lot of margins, but I think the Fed has gone crazy. I think the Fed is making a mistake. They’re so tight” Trump said, adding that he “really disagrees” with the Fed raising interest rates.

    READ MORE https://www.zerohedge.com/news/2018-10-10/president-trump-briefed-market-crash

    The market losses were widespread, and stocks that have been the biggest winners on the market the last few years, including technology companies and retailers, suffered steep declines. Apple and Amazon both had their worst day in two and a half years.

    The Nasdaq composite, which has a high concentration of technology companies, had its biggest loss in more than two years.

    The S&P 500 index sank 94.66 points, or 3.3 per cent, to 2,785.68. The benchmark index fell for the fifth straight day, which hadn’t happened since just before the 2016 presidential election.

    The Nasdaq composite tumbled 315.97 points, or 4.1 per cent, to 7,422.05. It’s fallen 7.5 per cent in just five days.

    The Dow Jones Industrial Average gave up 831.83 points, or 3.1 per cent, to 25,598.74. The Russell 2000 index of smaller-company stocks shed 46.45 points, or 2.9 per cent, to 1,575.41.

    After a long stretch of relative calm, the stock market has suffered sharp losses over the last week as bond yields surged. Stocks had come close to big drops in the last few days, but each time they recovered some of their losses. That didn’t happen Wednesday as stocks fell further late in the day.

    READ MORE https://www.stuff.co.nz/business/world/107760221/wall-street-tumbles-as-investors-take-the-knife-to-tech-companies

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    Tony Koretz

    NZ sharemarket tumbles in one of its worst days ever

    New Zealand’s sharemarket has tumbled in one of the biggest daily drops that traders have ever seen.

    Every single stock bar one on the benchmark S&P/NZX50 index was in the red.
    The index itself fell 3.64 per cent to 8721.2.

    Rickey Ward, New Zealand equity manager at JB Were, said of the local sharemarket drop:

    “It’s one of the biggest one-day falls ever, but not the biggest. It’s certainly the biggest move for some time.

    READ MORE https://www.nzherald.co.nz/personal-finance/news/article.cfm?c_id=12&objectid=12140959

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