Wall Street bounces after another volatile day, global markets stabilize

Dow Jones makes historic fall amid record growth

The Dow dropped as much as 680 points on Thursday as investors focused on concerns about inflation and higher interest rates. After sinking 567 points early in the day and stumbling into correction territory, the Dow ended the day with a mirror-image gain of 567 points.

Compounding all of these worries is there is a new leader at the Federal Reserve. That can have the effect of slowing economic growth by making it more expensive to borrow for all kinds of things - from home mortgages to car loans and credit card debt. You might have had day traders trying to get out at the end of the day. The statement cited strengthening economic growth, low unemployment and increasing wages for workers. Today's market doesn't even remotely compare to the most memorable stock market bubble in recent times: 1999's dot-com craze.

Banks had some of the biggest losses on the market Monday.

"It's pretty crazy", Chris Weston, chief market strategist at IG in Melbourne, Australia, said, according to MarketWatch. The S&P 500 .SPX rose 19.7 points, or 0.73 percent, at 2,714.84 and the Nasdaq Composite .IXIC was up 26.64 points, or 0.37 percent, at 7,142.52. The Dow had never lost more than 777 points in a single day. The Dow notched its biggest intraday decline in history with a nearly 1,600-point fall. It finished down almost 4%.

South Korea's Kospi shed 1.54 percent.

"Take a deep breath", said Garcia-Amaya. In reality, the U.S. economy is doing very well right now. Germany's DAX was down 1.9 percent at 12,445. Just before 10 a.m. Tuesday, the Dow was up more than 100 points.

The early gains follow the market's steepest drop in six and a half years.

The market's main gauge of volatility, the CBOE Volatility Index, fell to 29.82 on Thursday, more than twice what it was a week ago but down off a two-and-a-half year high above 50 points hit on Tuesday.

A correction is less severe than a bear market, when stocks decline 20% from their recent highs.

However, signs that Wall Street will stabilize when it opens later helped ease the selling pressure during European trading hours.

"Wages are finally starting to go up", he said. "Is the bond market telling us something we don't know?"

US 10-year yields were at 2.789 per cent, up from 2.766 per cent on Tuesday. It's a dramatic swing from 2.4% at the start of 2018. Higher bond yields also make stocks look less attractive by comparison. Tell us about it here.

Wall Street pros noted that business conditions were still supportive of stocks, noting that the economy is strong, the job market robust and corporate earnings growth on the rise following a big tax cut for businesses.

"This is a reality check that the market was price to a perfection that didn't exist", says Swonk. Plus, the S&P 500 has upside potential over the next 10 years.

Though many stock indexes are close to where they started the year, the losses mark a reversal of fortune following a sustained period of gains, a pullback that some market pros have been predicting for some time. Janet Yellen, who just stepped down as Fed chief, told PBS on Friday that she still believes "asset valuations generally are elevated". I have been watching reporters covering the news and it's a bit much.

Also Wednesday, U.S. crude oil added 29 cents to $63.68 a barrel in electronic trading on the New York Mercantile Exchange.

The question is whether the market retreat deepens or whether investors buy at the dip, a mentality that has supported stocks for months.

Moreover, the amount of money invested by this select group of families that directly own stocks is quite low.

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