Asian shares fall after Wall Street plunge


The S&P 500 index, a broader market gauge, has also slipped into a correction, as it is down 10.2 now.

The Dow was headed for a weekly decline of 6%, its worst in almost nine years.

Stocks posted sharp losses Thursday with the Dow shedding 1,033 points, as higher interest rates continued to rattle investors.

"If you didn't know the stock market went down by that much yesterday and Friday and you just walked into a store, you wouldn't know unless you heard someone talking about it so it doesn't really affect our daily lives", professor Alice Kassens said.

Big drops Friday and Monday erased the Dow's gains for the year.

The broad-based S&P 500 dropped 100 points or 3.75%, and the tech-rich Nasdaq (Frankfurt: 813516 - news) was down 3.9%. The Nasdaq was up 48 points, or 0.7 percent, to 6,825.

Equities for years have looked relatively attractive compared to the low yields offered by bonds, but the rise in Treasury yields has diminished the lure of stocks, especially with stock valuations at historically expensive levels, Reuters noted.

The market's recent volatility has wiped out the Dow's gains (and the S&P 500's) for 2018. The market turned lower by early afternoon, only to head higher later in the day. That came at the end of a day of heavy trading and huge swings for the market.

On Thursday, the United States stock markets fell sharply, with the Dow Jones industrial average dropping 4% or 1,033 points, to 23,860.

Since the S&P 500 index peaked on January 26, the market has lost more than $3 trillion in total value.

Japan's benchmark Nikkei 225 surged as soon as trading began, adding 3.1 percent to 22,285.45 after the first hour of trading. Average hourly wages grew 2.9 percent from a year ago - the largest increase since 2009.

Stocks struggled to stabilize in unsteady trading on Wall Street as an early gain quickly evaporated.

The Dow Jones industrial average fell 98 points, or 0.4 percent, to 24,800.

He said indications of "inflation risk on the horizon" - including higher-than-expected jobs and wage growth last week amid higher labor costs in manufacturing and non-manufacturing - was fueling the market's nose dive. Amazon rose 2.2 percent. Even with the rebound, the Dow has fallen 6.4 percent since the record set on Jan 26. The market tumbled right from the opening bell. Switch was down 14 cents, or 0.90 percent to $14.83.