Dow Plunges 380 Points As Stocks End This Remarkable Win Streak

  • Dow Plunges 380 Points As Stocks End This Remarkable Win Streak

Dow Plunges 380 Points As Stocks End This Remarkable Win Streak

European Commission President Jean-Claude Juncker said the European Union will take retaliatory action if Trump goes ahead with his plan.

The Dow Jones Industrial Average swung from a triple-digit loss to a triple-digit gain, last trading 23 points, or 0.1%, lower at 25,003. The Nasdaq fell 92 points, or 1.3 percent, to 7,180. The euro rose to $1.2255 from $1.2203, and the British pound slipped to $1.3768 from $1.3771.

The Dow Jones industrial average dropped as much as 500 points Thursday.

But shares of companies that use lots of steel fell, as did exporters. Heavy equipment maker Caterpillar (CAT) lost $3.12, or 2 percent, to $151.54 and aerospace giant Boeing (BA) gave back $8.59, or 2.4 percent, to $353.70.

Big exporters like Apple and drugmaker Pfizer, which would suffer if trade tensions picked up, also fell. It's the third straight day where the index has lost at least 1 percent. The benchmark index is coming off its worst month in two years. For the month, the Dow lost 4.4%, the S&P 500 fell 3.8%, and the Nasdaq lost 1.5%.

Global stocks edged lower Thursday as investors awaited the appearance in front of Congress of Federal Reserve Chairman Jerome Powell, whose bullish economic forecasts earlier this week led investors to believe interest rates could increase at a faster pace.

The disclosure follows a report in the Wall Street Journal that the SEC sent subpoenas to dozens of companies demanding information about initial coin offerings and cryptocurrencies, which aren't bound by the same rigorous rules that govern public offerings of stock.

Both indexes are about 3 per cent away from regaining the record-highs they reached in late January.

United States blue-chips have pared early losses but the Dow Jones is still showing a triple-digit fall.

Dow futures are down 194 points, the index having closed 420 points lower yesterday, while S&P 500 futures are trading over 13 points lower.

USA 10-year treasury bond (UST) yields have fallen for the third consecutive day to 2.864 per cent.

US stocks closed sharply lower on Wednesday, ending the negative month of February on a down note as concerns over inflation and interest rates continued to drive trading.

Dental products supplier Patterson Companies plunged 23 percent in the first few minutes of trading Thursday after issuing weak quarterly results.

"The first quarter of 2018 will likely see the continuation of sales and margins in line with trends in the second half of 2017", added chief financial officer Lauren Peters. "He may be able to persuade his core voter base of that but investors are far from convinced, as was evident by the market reaction to the announcement [of import tariffs on steel and aluminum]", said Craig Erlam at Oanda. U.S. Steel rose $2.50, or 5.7 percent, to $46.01.

France's CAC 40 fell 1.1 percent and Germany's DAX was down 2 percent.