US stocks end again with deep losses, Dow -2.1%

The Dow tumbles more than 400 points

The Dow tumbles more than 400 points

Although the losses were widespread, stocks that have been the biggest winners on the market, including technology companies and retailers, suffered steep declines. In 1956, the Fed raised interest rates, while global events like the Suez Crisis and the Hungarian Revolution caused investors to pull back. That will raise the cost of corporate borrowing and could drag on economic growth. It was more than $40 five years ago.

A surge in Treasury yields appears to be fueling the losses, as the 10-year US Treasury yield spiked last month and has continued to climb throughout October, landing at 3.21 per cent. Investors are further rattled about Trump's complaints about the Fed's rate increases. "I think the Fed is out of control", the president said to reporters in the Oval Office.

The weakness in tech was led by semiconductor names after Swiss vacuum valve maker VAT Group said demand from chip equipment makers was softening.

Sentiment also has been dampened by the spreading U.S. Early Thursday, National Economic Council Director Larry Kudlow in a news conferfence heralded the administration's economic policies and assured the public that "the war on business is over". The yield was just 2.82 percent in last August.

Adams said those worries are affecting technology and consumer-focused companies as well even though companies such as Alphabet, Amazon and Facebook have long had very high profit margins. Heating oil shed 2.6 percent to $2.33 a gallon.

An ongoing conflict between Washington and Beijing weighed on large-cap industrial stocks, including Boeing (-2.5%) and Caterpillar (-1.6%).

USA stocks tumbled for a second straight session on Thursday (Oct 11) as volatility reigned on Wall Street amid worries about higher interest rates and trade wars.

The benchmark S&P 500 and the Dow Jones Industrial Average fell almost 1.5 percent and at the day's low had retreated 3.7 percent and 3.6 percent, respectively, from their all-time highs. The Dow fell 832 points, or down 3.15 percent.

Japan's benchmark index tumbled about 3.9 percent, while China's key index fell 4.3 percent. Technology companies and retailers, including longtime market favorites Apple, Alphabet and Amazon, extended their recent slide. On Wednesday, the 10-year yield once again touched its highest level in seven years.

"The market is starting to believe the Federal Reserve a bit more and starting to price [rate hikes] in", Mona Mahajan, US investment strategist at Allianz Global Investors, told The Post. "As stocks go down, tech goes down more than the stock market".

The Japanese yen strengthened 0.01 per cent versus the greenback at 112.29. The euro rose to $1.1525 from $1.1496.

Oil futures fell. USA crude gave up $1.27 to $71.90 a barrel.

"There is more optimism that they will find some agreement between Britain and the European Union before Brexit", said Steve Englander, global head of G10 FX research at Standard Chartered Bank in NY.

Apple gave up 4.6 percent to $216.36 and Microsoft dropped 5.4 percent to $106.16.

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