Markets Right Now: Stocks plunge again, Dow sinks 464 points

Dow Jones after market close

The skittishness started on Wednesday after the Fed approved its fourth rate hike of the year, raising its benchmark borrowing rate to a range of 2.25 percent to 2.5 percent.

Smaller company stocks have been crushed during the recent market slump because slower growth in the US will have an outsize effect on their profits.

The Street reported fears of a government shutdown was also being felt on the markets.

Michael Hewson, chief markets analyst at CMC Markets, said: "China is cooling and the eurozone is slowing down, and some of the economic indicators from the United States have been a bit soft recently, but yet the Fed hiked rates and suggested that two more interest rate hikes were lined up for 2019".

The technology index sank 1.54 percent, while communication services, which houses high-growth names such as Facebook Inc and Alphabet Inc, dropped 2.2 percent.

The S&P 500 index rose 2 points, or 0.1 percent, to 2,469. The Dow Industrials fell to its lowest level since October 2017 and has declined 16.3 percent from its October 3 closing high. Even with the drop since late August, Nasdaq is almost 400 percent above its March 2009 low, with a total return of more than 456 percent.

The Russell 2000 gave up 118.73 points, or 8.4 percent.

Tokyo Japan Brokerage
US stocks sink after Fed rate hike, Dow swings over 700 points to close down 1.5%

"Nasdaq is your more growth-oriented story, so the biggest stocks are driving the overall market because they're a bigger chunk of it", said Kim Forrest, senior portfolio manager at Fort Pitt Capital Group in Pittsburgh.

-Bond prices were mixed.

Furthermore, another drop in oil prices drove down energy stocks. For instance, the Nasdaq fell 55.6 percent during its last bear market, which ran from October 31, 2007, to March 9, 2009. The yield on the 10-year Treasury finished today nearly a half percent lower than its recent October peak. That hasn't happened yet, but investors fear it will. Inversions are often taken as a sign a recession is coming, although it's not a flawless signal and when recessions do follow inversions in the yield curve, it can take a year or more.

The Dow lost 638 points, or 2.7 percent, to 22,687. Seoul's Kospi shed 0.9 percent. That sent the price of gold higher, and it gained 0.9 percent to $1,267.9 an ounce.

As investors adjusted to the prospect of a weaker economy and lower long-term interest rates, the dollar fell to 111.11 yen from 112.36 yen.

The British pound rose to $1.2671 from $1.2621.

-Gold lost 0.8 percent to $1,258.10 an ounce and silver fell 1.1 percent to $14.70 an ounce.

Trump presses border wall ahead of meeting with top Democrats
Before the meeting, Trump threatened to have the USA military build the wall if Congressional votes can not be found. Nancy Pelosi can't reach an agreement when they meet Tuesday at the White House.

Related news:

Hot News

isis-killer-beheading-video-story-top 'Shame On Them' - Roy Keane Rips Into United Players
Dec 22, 2018 - 00:35
It's not just at United, the modern players are very weak, you can't say a word to them. For some to down tools, shame on some of them.

isis-killer-beheading-video-story-top Sarri Confirms Injury Boost But Defender Out Of Leicester Game
Dec 22, 2018 - 00:35
Chelsea have reportedly offered to make Hazard the highest paid player in the club's history in a bid to keep him. He didn't play very often in the Premier League but he played all the other matches.

isis-killer-beheading-video-story-top Colorado woman likely killed at home; fiance charged
Dec 22, 2018 - 00:34
Berreth's employer got a text from her phone on November 25, saying she wouldn't be able to work that week, police have said. Berreth's body has not yet been found and officials said they didn't want to speculate on where they believe it might be.

isis-killer-beheading-video-story-top Google has "effectively ended" development of Chinese search engine
Dec 21, 2018 - 01:04
Google really wants to get into China because, well it is the largest country on earth right now with over 1 .4 billion people. Pichai stated that "right now" there were no plans to launch the search engine, though refused to rule it out in the future.

isis-killer-beheading-video-story-top Der Spiegel sacks star journalist for falsifying articles 'on a grand scale'
Dec 21, 2018 - 00:49
Relotius admitted at least 14 of almost 60 articles he has written for Der Spiegel were at least partially fabricated. In his reporting Relotius had failed to reach out to some of the most prominent people in the story.

isis-killer-beheading-video-story-top Mauricio Pochettino Won't Take Manchester United Job For This Reason - Spurs Legend
Dec 20, 2018 - 01:07
He has done the most incredible job and I do think he is the person who is the most outstanding candidate. And what does the manager want? "I think he's very happy at Tottenham ", the Spaniard said.

isis-killer-beheading-video-story-top Embattled Trump Foundation forced to dissolve itself under court supervision
Dec 19, 2018 - 00:29
Donald Trump Jr . happened to be 11 at the time, and $7 was coincidentally the cost of a new scouting membership, per the Post . Underwood also said in her statement that she believed there was a "shocking pattern of illegality" within the foundation.

isis-killer-beheading-video-story-top Penny Marshall, Acclaimed Actress and Director, Dead at 75
Dec 19, 2018 - 00:11
Penny Marshall with Awakenings co-stars Robin Williams , left, and Robert De Niro at the premiere of the film in NY in 1990. Brooks praised her for making "films which celebrated humans" and for her guiding influence to young comedians and writers.

isis-killer-beheading-video-story-top Liverpool drawn against Bayern Munich in the Champions League Last 16
Dec 17, 2018 - 19:27
They lost their first two games in the competition, but recovered well to finish second behind Barcelona in their group. Juventus spokesman Pavel Nedved said: 'Atletico have a very good squad and it will be a very hard game for us.

isis-killer-beheading-video-story-top The Latest Developments Involving Manafort And Flynn In Mueller's Investigation
Dec 17, 2018 - 19:13
McCabe asked Flynn if he could send in a few agents to speak with him about "his communications with Russian representatives". According to that document, Strzok said Flynn made small talk about hotels and "the president's knack for interior design".

isis-killer-beheading-video-story-top Manchester United striker Rashford thinks inconsistency is proving costly
Dec 16, 2018 - 00:40
United have endured an inconsistent campaign and sit sixth, 16 points behind Liverpool.#. Yet somehow this one does feel different, even for an outsider like me.

isis-killer-beheading-video-story-top Apple will update iPhones to end Qualcomm legal battle
Dec 15, 2018 - 00:56
Ultimately, it will be up to the Chinese courts to decide if this future software update will be enough to avoid the sales ban. Chipmaker Qualcomm is asking China to ban sales of Apple's Xr, Xs, and Xs Max iPhones in the country, reports Engadget .

isis-killer-beheading-video-story-top May confirms Brexit vote postponed
Dec 15, 2018 - 00:34
German Chancellor Angela Merkel had a stark message for Theresa May on Tuesday: The Brexit deal can not be renegotiated.

isis-killer-beheading-video-story-top Liverpool Fan Describing Mo Salah’s Goal To A Blind Supporter Surfaces
Dec 15, 2018 - 00:32
Former Liverpool and United midfielder Paul Ince is torn on who would take the number one jersey in a combined team. His tweet read: "Nice to read all comments about the video".

isis-killer-beheading-video-story-top UK PM Theresa May says she will step down before 2022 election
Dec 14, 2018 - 01:03
And Work and Pensions Secretary Amber Rudd said: "She was very clear that she won't be taking the general election in 2022". In a secret ballot, 200 Conservative MPs voted to keep May as leader , whilst 117 MPs voted to sack her.