USA stocks rebound in choppy trading; S&P/TSX composite index still down

The Dow and S&P ended the day on Thursday in a correction mode, while the Nasdaq closed just shy of it. Stocks of 88 percent of S&P 500 companies have fallen 10 percent or more from their 52-week highs because of the sell-off.

The broader S&P 500 also tanked lower - finishing at 2,581- down around 100 points, or 3.75%.

The Nasdaq is down 28.90 points, or 0.4 percent.

The Dow Jones Industrial Average plunged 1,033 points, or 4.15%, to 23,860, the S&P 500 lost 101 points, or 3.75%, to 2,581 and the Nasdaq Composite dropped 275 points, or 3.9%, to 6,777.

As of Thursday, about $2.49 trillion in value had vanished from the broad Standard & Poor's 500 stock index since its most recent peak on January 26, according to S&P Dow Jones Indices.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.87 percent.

Wall Street stocks finished a topsy-turvy session solidly higher Friday, surging in the final hour of trading and lessening the losses in a brutal week.

The Dow closed 1,033 points lower on Thursday, the second day of the week it has experienced a four-digit loss.

The steep drop in USA stock indexes followed a broad slide in global markets.


New Zealand's sharemarket fell more than 4 percent this week, closing yesterday at its lowest level in more than two months.

"But the decline didn't feel as panicked today as it did on Monday", Yousef Abbasi, global market strategist for JonesTrading, told ABC News. The yuan earlier fell the most since the currency's devaluation in August 2015 after China reported a much narrower-than-expected trade surplus as imports jumped.

Martin, of Globalt Investments, said he did not see anything specific moving the market lower Thursday. Skechers USA climbed $2.88, or 7.5 percent, to $41.06.

The Dow Jones industrial average lost 400 points, or 1.6 percent, to 24,491. Japan's Nikkei 225 Index tumbled by 2.3 percent, while Hong Kong's Hang Seng Index crashed by 3.1 percent.

Shares of energy giants Encana and Cenovus Energy were both off more than three per cent.

Analysts blamed higher treasury bond yields for Thursday's poor performance, also saying the market has become too expensive and was due for correction.

Figures across the board look fairly bleak compared to what they were at the closing bell February 2-the kickstart of recent downturn.

Few big companies emerged unscathed, with Dow giants Boeing and Caterpillar losing around 5 per cent, around the same range as tech titans Amazon and Facebook.

While 1,000-point drops are eye-catching, they don't mean a great deal. The reduction in points was the largest since the 2008 financial crisis, but, percentage-wise, was not as significant.

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