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Fresh sell off roils Wall Street

The Australian  |  08 February 2018  |  News

Wall StreetAn overnight plunge on Wall Street thrust The Dow Jones Industrial Average and S&P 500 into correction territory for the first time in two years at 8am (AEDT), as worries about rising interest rates and new-found volatility rattled markets again.

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A shaky day in the bond market appeared to spook equity investors and pushed the Dow Jones Industrial Average down 1,032.89 points, or 4.1 per cent, to 23860.46. The plunge marks second-steepest point decline on record, after Monday’s 1,175.21-point swoon. The losses escalated into the close, with the blue-chip index falling about 450 points in the final 30 minutes of trading.

“We opened around the highest levels of the day and closed at the lows, and that’s telling us the sellers aren’t quite done yet,” said Jonathan Corpina, senior managing partner at broker-dealer Meridian Equity Partners.

Mr. Corpina said the pace of Thursday’s declines, at hundred-point intervals, struck him as a sign of being driven partially by large sell orders from institutional investors. The Dow hadn’t been in a correction — a decline of at least 10 per cent from a recent high — since February 2016.

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