Stocks recover from rout with best day since 2016

Brendan Mcdermid  ReutersTraders work on the floor of the New York Stock Exchange in New York Feb. 6 2018

Brendan Mcdermid ReutersTraders work on the floor of the New York Stock Exchange in New York Feb. 6 2018

The Dow Jones Small-Cap Growth TSM Index closed at 9,361.23 for a loss of -10.39 points or -0.11%.

Among the worst performers are market favorites like Boeing, Caterpillar and Intel, about which there is no news. J.P. Morgan Chase, meanwhile, was down by more than 4 percent.

Bitcoin fell again on February 6 by 12 percent and was valued below $6,000 for the first time in 2018.

The Nasdaq composite tumbled 274.82 points, or 3.9 per cent, to 6,777.16, bringing its weekly loss to 463.79 points, or 6.4 per cent.

"This is a healthy reminder that there are risks in the market", said Mark Doms, a senior economist at Nomura Securities. "I would think that this continues to happen for the next few trading sessions for everything to kind of get flushed out".

The negative close on Wednesday and the wild session on Tuesday began after indexes were put under pressure on the back of a rise in the 10-year Treasury yield sparked renewed concerns which triggered the sell-off. The initial move higher follows the release of strong jobless claims data.

Mnuchin said he had checked with market participants earlier Tuesday and had been assured that markets had functioned well with no systemic issues during the big market declines on Monday.

The pullback came amid another spurt higher in Treasury bond yields, a focal point for investors concerned that the Fed may accelerate rate hikes if inflation rises suddenly. 15,000 is still above where '08 topped out at, but any time you lose 50 percent of the market in a year, even two years, is not good.

At the same time, higher interest rates can make investment alternatives to stocks, such as bonds, more attractive.

The DGIA is the average price of 30 stocks traded on the stock market, meant to represent the market as a whole, according to the Washington Post.

The S&P 500 and Nasdaq indexes also experienced continuing decline, each dropping 3 percent. The Dow had a more than 1,100-point difference between its high and low on Tuesday.

By closing at 23,860 points, the Dow Jones industrial average was set back to its level on November 17, 2017, and officially corrected.

Nine of the 11 major S&P sectors were lower, with the financial, consumer discretionary and industrials leading the decliners. If the stocks are doing well, the markets are referred to as being "up".

Low agreed that the overall economic outlook remained upbeat, but said investors may see more volatility ahead. "The market is more stable".

Japan's benchmark Nikkei 225 index surged as soon as trading began, but gave up its initial gains as the yen strengthened against the dollar.

USA markets started lower after major indexes in Asia and Europe sank Tuesday, but a late surge helped them regain nearly half the losses from their biggest plunge in six and a half years the day before.

Twitter and Grubhub reported better-than-expected quarterly results.

The bottom of this recent slide remained elusive for investors, who have been whipsawed this week by huge swings that have shaken a market that had only climbed steadily for months.

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