Dow Jones index tumbles nearly 1,500 points

BBC ^ | 02/05/2018

[SeekAndFind]

The Dow Jones Industrial Average has plunged by nearly 1,500 points in a day of volatile trading that has rattled global markets.

The leading US stock market index is down more than 5.8% at 24,025.33.

It is the worst one day fall in points since September 2008 during the depths of the financial crisis.

The decline extends losses on Friday, when strong wage growth data raised the prospect of accelerated interest rate rises.

Monday's sell-off surpasses a 777.68 points drop on the Dow Jones on 29 September 2008 when Congress rejected a $700bn bank bailout plan following the collapse of US investment bank Lehman Brothers.

The Dow was closely followed by the wider S&P 500 stock index, down 2.6% and the technology-heavy Nasdaq, down 2%.

London's main share index, the FTSE 100, closed down 1.46% while earlier, the biggest markets in Asia fell between 1% and 2.5%.

The decline followed months of market increases, which had fuelled concerns that share prices were over valued.

The Dow, which tracks 30 major US companies, has fallen more than 1,000 points over two days of trading.

The Dow dramatic fall marks a turnaround from January, when it raced raced past the 25,000 point and 26,000 point milestones in less than a month.

David Madden, market analyst at CMC Markets, said: "Equity traders were enjoying a bullish run recently, and the jolt from the major decline in the US last Friday has triggered a worldwide round of profit taking."

[SaveFerris]

Yes, this truly are dangerous times in this country. It really grew under Obama. And they haven’t let up since the Lying Kenyan was put into office. Well, they were on-board with that one, too.