Stock Market Slump Looking More Like a Healthy Correction

Markets Right Now: European markets tumble at the bell

Wall Street stock indexes repeatedly swung from positive to negative territory during Tuesday's session while the Dow Jones Industrial Average had a more than 1,100-point difference between its intraday high and low.

On Tuesday, U.S. equities had roared back from Monday's selloff, when the Dow and S&P 500 saw their biggest one-day declines in two years.

Following recent strong gains, a global stocks sell-off began Friday when bright U.S. unemployment data sparked concern of high inflation and in turn faster-than-expected increases to USA interest rates.

Norihiro Fujito, a senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities, said: "Since last autumn, investors had been betting on the Goldilocks economy - solid economic expansion, improving corporate earnings and stable inflation".

"You'll probably see a little bit of this volatility - my gut feeling tells me - probably for another couple of days, and then things will calm down somewhat", said Peter Costa, president of Empire Executions in NY. The CBOE volatility index (VIX), seen as the markets' fear gauge, has slipped back from its earlier highs.

The S&P 500 ended 7.8 percent down from its record high on January 26. Rate-sensitive utilities, down 1.5 percent, led decliners.

Traders work on the floor of the New York Stock Exchange in New York, U.S., February 6, 2018.

The Dow index was down around 0.3 percent at the start of trading, but price fluctuations appeared again to be rapid.

Emerging market stocks rose 0.18 percent.

In the energy market, oil prices fell.

US crude oil fell 1.2 percent to settle at $63.39 a barrel, while Brent dropped 1.1 percent to settle at $66.86.

U.S. Treasury prices fell before the Treasury Department was due to auction new 10-year notes. USA data showed an unexpected build in refined products, fanning fears of oversupply headed into the slow-demand season.

Chris Weston, chief market strategist at IG in Australia, said: "There's genuine carnage out there".

The U.S. dollar rose against most major currencies amid the gains on Wall Street.

The dollar index last rose 0.13 percent, with the euro up 0.06 percent to $1.2384.

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