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US stocks tumble amid tech sell-off [Copy link] 中文

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Post time 2018-10-30 09:54:00 |Display all floors

US stocks ended much lower on Monday, erasing handsome gains in early trading, as a decline in tech shares weighed on the market.

The Dow Jones Industrial Average fell by 245.39 points, or 0.99 percent, to 24,442.92. The S&P 500 decreased by 17.44 points, or 0.66 percent, to 2,641.25. The Nasdaq Composite Index dropped by 116.92 points, or 1.63 percent, to 7,050.29.

The Dow swung more than 900 points during the session, with a 352-point gain at the high and about a 566-point loss at the low. Boeing shares slid by 6.59 percent, leading the laggards in the Dow.

Major US tech shares fell, dragging the Nasdaq. Shares of Amazon and Netflix dropped by 6.33 and 5 percent, respectively, at market closing. Shares of US chipmaker Nvidia also slumped by more than 6 percent.

Six of the 11 primary S&P 500 sectors ended lower, with energy and technology down 1.88 and 1.81 percent, respectively, leading the losers.

Shares of Red Hat surged by more than 45 percent after IBM agreed to buy the software-and-services company for about 34 billion US dollars. However, shares of IBM traded 4.13 percent lower.

Wall Street also digested a slew of economic data.

US consumer spending climbed by 0.4 percent in September as Americans spent more on new cars and trucks and recreational goods, the Commerce Department reported Monday. The reading is in line with market consensus. The personal income rose by a smaller 0.2 percent, less than expected.

The US stock market has been under pressure since the beginning of October with all three major indices decreasing sharply as investors fret over rate hikes, trade tensions between Washington and its key trading partners and signs of slowing global growth.


Source(s): Xinhua News Agency

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Post time 2018-10-30 16:44:38 |Display all floors
teetering on the edge-just a matter of time. The only problem is that know one can know the specific timing.

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Post time 2018-10-30 21:34:57 |Display all floors
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Post time 2018-10-30 21:38:53 |Display all floors
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Post time 2018-10-30 21:40:42 |Display all floors
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Post time 2018-10-30 21:41:04 |Display all floors
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Post time 2018-10-31 05:10:29 |Display all floors
Many US stocks are over-priced. The real reason is that interest paid by bonds is so low that investors buy stocks instead. As bond rates increase (and the prices of longer-term bonds decrease) stocks will be sold to buy bonds and stocks will go down in price. The problem is to decide when to switch from stocks to bonds. I'd be inclined to wait until 30-year corporate bonds start paying about 5%.
My problem is simple: I just know better than everyone-else!

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