Stocks fell sharply on Thursday in a second straight scary day on Wall Street as investors dumped equities around the globe because of fears of rapidly rising interest rates, a possible global economic slowdown and overly ambitious tech valuations.
The Dow Jones Industrial Average closed 545.91 points lower at 25,052.83, bringing its two-day losses to more than 1,300 points. The S&P 500 dropped 2.1 percent to 2,728.37 and posted its sixth straight decline. The broad index also closed below its 200-day moving average for the first time since April. The Nasdaq Composite pulled back 1.3 percent to 7,329.06 and briefly entered correction territory at its lows on Thursday.
The Dow fell as much as 698.97 points at its lows of the day. The indexes bounced after a report said President Donald Trump and Chinese President Xi Jinping would meet at next month's G-20 summit, briefly giving traders hope a full-blown trade war with the country could be avoided.
CW8888: October Effect really arh in 2018?
October, a month known for major market sell-offs in the past, has been a brutal month for investors so far. The S&P 500 has lost 6 percent during the month so far and is now higher by just 2 percent for 2018.
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Wall Street struggles for direction after in-line monthly producer prices
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48 minutes ago
SINGAPORE: The Singapore economy grew 2.6 per cent year-on-year in the third quarter, slowing down from the 4.1 per cent growth in the previous three months, advance estimates from the Ministry of Trade and Industry (MTI) showed on Friday (Oct 12).
ReplyDeleteThe ministry’s estimate was, however, above those of private sector economists polled in the Monetary Authority of Singapore’s (MAS) recent quarterly survey. The survey of professional forecasters released last month estimated Singapore’s third-quarter gross domestic product (GDP) to be 2.1 per cent.
Read more at https://www.channelnewsasia.com/news/singapore/singapore-gdp-growth-slows-to-2-6-in-q3-mti-advance-estimates-10816610