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United States stocks fall 4% as sell-off deepens

10 February 2018

'The Dow Jones Industrial Average has plummeted by more than 1,000 points, for the second time this week. The Dow quickly recovered much of that loss.

The economy is strong, but investors are anxious about inflation, and the possibility that the Federal Reserve will raise interest rates faster than expected to fight it.

It is also buying about 56 British pence and 63.6 euro cents.

Chipotle Mexican Grill fell 7.7 percent after the burrito chain said the number of visitors to its restaurants fell in the fourth quarter and would continue to decline through the middle of the year. Gold fell $7, or 0.5 percent, to $1,329.50 an ounce and silver dipped 9 cents, or 0.5 percent, to $16.58 an ounce.

The Dow Jones industrial average closed at 24,912.77, an increase of 567 points, or 2.3 percent.

Bond yields, which move inversely to bond prices, rose to multi-year highs across the globe.

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Wall Street's bond market headache won't go away.

United States stocks have plunged more than 1,000 points for the second time this week and the stock market was now in a correction - 10 per cent off its record high just two weeks ago, the media reported. Yields for 10-year Treasurys hit four-year highs. Some also question the possible role of computer-driven algorithmic trading in the precipitous declines or even the ramifications of the rise and fall in the value of virtual currencies, notably bitcoin.

"The fact that Monday's lows were breached (on Thursday) signals more trouble ahead and rallies are likely to give way to rising bond yields", said Peter Cardillo, chief market economist at First Standard Financial in NY.

"However once this kind of stampede starts it's hard to stop".

Benchmark U.S. crude oil lost 64 cents, or 1 percent, to $61.15 a barrel in NY.

In Toronto, the S&P/TSX composite index was down 264.97 points, or 1.73 per cent, to 15,065.61, in a broad-based decline.

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The selling persisted into European trading hours, though there were some signs of recovery.

Few big companies emerged unscathed, with Dow giants Boeing and Caterpillar losing around five percent, around the same range as tech titans Amazon and Facebook. The Dow had never lost more than 777 points in a single day.

Stephen Schwarzman, the chairman and CEO of financial firm Blackstone, warned recently of a potential "reckoning" in markets. "It's going to be a volatile ride for the next several trading sessions", said Chad Morganlander, portfolio manager at Washington Crossing Advisors in Florham Park, New Jersey.

The benchmark Standard & Poor's 500 index is now down 8 percent from the record high it set January 26.

"We had an extreme sell-off followed by an extreme bounce", said "It was a massive reversal: almost 1,000 points on the Dow is mind-bending".

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United States stocks fall 4% as sell-off deepens