{"id":62902,"date":"2018-02-09T06:20:52","date_gmt":"2018-02-09T06:20:52","guid":{"rendered":"http:\/\/www.bnreport.com\/wall-street-closes-in-correction-territory-as-stocks-tumble\/"},"modified":"2018-02-09T06:20:52","modified_gmt":"2018-02-09T06:20:52","slug":"wall-street-closes-in-correction-territory-as-stocks-tumble","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/wall-street-closes-in-correction-territory-as-stocks-tumble\/","title":{"rendered":"Wall Street closes in correction territory as stocks tumble"},"content":{"rendered":"<p>US stock markets confirmed they were in correction territory today after a week of wild swings.<\/p>\n<p>The Dow Jones Industrial Average and the benchmark S&amp;P 500 were both more than 10 per cent lower than their record highs last month, closing down 4.2 per cent and 3.8 per cent, respectively. The tech-heavy Nasdaq ended the day 3.9 per cent lower.<\/p>\n<p>The Vix, Wall Street&#039;s so-called fear gauge, rose more than 20 per cent to a level of 33. The index had traded lower yesterday after <a href=\"http:\/\/www.cityam.com\/280124\/return-volatility-equity-markets-sparks-renewed-fears\" rel=\"noreferrer\" target=\"_blank\">spiking to about 50 on Tuesday as volatile trading in the US gathered pace<\/a>.<\/p>\n<p>Jonathan Corpina, senior managing partner for Meridian Equity Partners in New York, warned that Wall Street was not out of the woods.<\/p>\n<p>\u201cThe dust hasn\u2019t settled yet, and I think both buyers and sellers are trying to figure out what this market really wants to do.<\/p>\n<p>&quot;I would think that this continues to happen for the next few trading sessions for everything to kind of get flushed out,&quot; he said.<\/p>\n<p>Meanwhile, the UK&#039;s blue-chip index closed 1.49 per cent lower at 7,170.69.<\/p>\n<p>&quot;The current sell-off in global equities has been a long time coming. Prior to the price action over the last ten days, the major US indices had rallied almost without interruption since the Brexit vote in June 2016,&quot; said David Morrison, senior market strategist at GKFX. <\/p>\n<p>&quot;While well overdue, the sell-off in US stock indices has still left its mark.<\/p>\n<p>&quot;When markets experience this kind of turbulence it often takes time to see what the longer-term repercussions may be. The question is whether there\u2019s been some serious damage done, either in terms of breaches of key technical trading levels or a change in overall market sentiment,&quot; Morrison said.<\/p>\n<p><strong>Read more<\/strong>: <a href=\"http:\/\/www.cityam.com\/280250\/bank-england-signals-markets-expect-earlier-interest-rate\" rel=\"noreferrer\" target=\"_blank\">Bank of England signals markets to expect earlier interest rate hike<\/a><\/p>\n<p><strong><a href=\"https:\/\/blockads.fivefilters.org\/\" rel=\"noreferrer\" target=\"_blank\"><\/a><\/strong> <a href=\"https:\/\/blockads.fivefilters.org\/acceptable.html\" rel=\"noreferrer\" target=\"_blank\"><\/a><\/p>\n<p><a href=\"http:\/\/www.cityam.com\/280308\/global-sell-off-drags-us-markets-drop\" rel=\"noreferrer\" target=\"_blank\">Original Article<\/a><\/p>\n<p>[contf]<br \/>\n[contfnew]<br \/>\n        <img decoding=\"async\" src=\"https:\/\/vignette3.wikia.nocookie.net\/logopedia\/images\/9\/99\/City_A.M..svg\/revision\/latest?cb=20150503233945\"\/><\/p>\n<h5><a href=\"http:\/\/www.cityam.com\/\" rel=\"noreferrer\" target=\"_blank\">CityAM<\/a><\/h5>\n<p>[contfnewc]<br \/>\n[contfnewc]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>US stock markets confirmed they were in correction territory..<\/p>\n","protected":false},"author":1,"featured_media":62903,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-62902","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - 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