Dow Falls More Than 1000 Points, Enters Correction Territory

This is why the Dow is plunging

The Dow Jones industrials were up 50 points just shortly after falling by 500.

Other key indexes in the Pacific Rim also saw drops when they closed Tuesday, including a 5.1% skid for the Hang Seng in Hong Kong and a 3.2% decrease for Australia's S&P ASX 200. As of Thursday's close, the Dow was on track to post its largest weekly decline since October 2008. Traders rushed to the safety of the Treasury amidst the sell-off stocks, with the ten-year yield at 2.72% down 12 basis point.

USA crude fell 1.72 percent to $60.73 per barrel and Brent was last at $64.56, down 1.45 percent on the day. The Nasdaq was up 48 points, or 0.7 percent, to 6,825. The market turned lower by early afternoon, only to head higher later in the day.

Volatility returned to markets on Thursday as United States indices finished the day sharply lower, plunging them into correction territory.

US stocks entered a formal correction Thursday, as two weeks of steep losses have cost two major index at least 10 percent of their value.

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The market is still trying to find its footing after Monday's huge meltdown, when the Dow fell 1,175 points - a one-day record. It was up as much as 349 in early trading.

As of Thursday, some $2.49 trillion in value had vanished from the index since its most recent peak on January 26, according to S&P Dow Jones Indices. Microsoft and JPMorgan Chase each lost 1.7 percent.

Bond prices rose slightly.

United States 10-year yields were at 2.789 per cent, up from 2.766 per cent on Tuesday.

Asian stocks are following the examples set by Wall Street and European markets overnight.

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Meanwhile, the Dow Jones was also caught up in the massive volatility; the index managed to shed a total of 19.42 points after the session at 24,893.33.

The pivotal gauge of the S&P 500 volatility, the VIX, opened at a relatively elevated 31 points and later slipped to 21.24. "Since the financial crisis, this is the first 10 percent correction in stocks that has not been accompanied by a significant fall in rates".

Jason Ware, chief investment officer and chief economist at Albion Financial Group in Salt Lake City, Utah, said: "Now we are having acute attention on what happens in the bond markets, so when yields move up there is an unsettling feeling in the equity market". The yield on the 10-year Treasury note was unchanged at 2.83 percent.

Volatile high-volume trading conditions in NY moved stocks wildly on Tuesday, with the Dow Jones closing up 567 points, or 2.3%, at 24,912.

United States stocks rebounded in volatile late-afternoon trading on Friday, but remained on track for their worst week since 2009. South Korea's Kospi also rose at its opening, and was trading up almost 0.1 percent at 2,455.47 in morning trading.

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