Dow Jones plunges 800 points as tech stocks tumble
Dow Jones plunges 800 points as tech stocks tumble
I don't like Fed raising interest rates so quickly, says Trump
11 October, 2018, 15:51
The president told reporters Wednesday that he believed the drop was a correction, and that the Federal Reserve Bank was to blame for raising interest rates.
"The Fed has gone insane", he told reporters on Wednesday as he arrived in Pennsylvania for a campaign rally. "They're so tight. I think the Fed has gone insane". A stock market correction is defined as a fall of at least 10 per cent from the high point of the last 52 weeks.
"I think the Fed is making a mistake".
The tech sector was hit hardest, with Amazon, Apple, Facebook and Netflix all in the red. The benchmark 10-year Treasury yield surged to a seven-year high on Tuesday and the 30-year bond yield jumped to its highest since 2014.
USA stocks took their worst loss in eight months Wednesday, with the Dow Jones Industrial Average sinking 831 points and the Nasdaq composite logging its biggest loss in more than two years.
US consumer price inflation is now above 2 percent annually and the unemployment rate is the lowest in about 40 years.
Investors are leaning into safer stocks with steady dividends - utilities and consumer staples - and pulling out of the higher-paying, higher-risk stocks as other guideposts of growth, like the communication sector, tumbled.
She said in addition to rising interest rates, investors also fear that company profit margins will be squeezed by rising costs, including the price of oil.
The President said this week he prefers lower interest rates but added he would not speak directly to his Fed chairman appointee Jerome Powell, preferring instead to remain hands-off.
The benchmark Nikkei 225 dropped almost two percent at the open and extended losses to below the three-percent mark, as traders fretted about surging interest rates and an ongoing trade spat.
Currency investors took shelter in the safe-haven yen, resulting in steep losses for Japanese exporters, with electronics giant Sony down almost five percent as blue-chip firms flashed red across the trading board. The problem I have is with the Fed.
The FTSE 100 opened 1.5% lower - hovering just above the 7000 point level - following a 1.3% decline on Wednesday. The index fell by more than 3%. Berkshire Hathaway dipped 4.7 percent to $213.10 and reinsurer Everest Re slid 5.1 percent to $217.73.
President Donald Trump, who has claimed much of the credit for the strong economy, has criticized the Fed's pace of raising interest rates, saying going too fast could slow growth and job creation.
Tourists and locals said they were woken by the magnitude-6 quake, the latest in a series to strike the country. A string of earthquakes in Lombok in eastern Indonesia killed more than 550 people over the summer.
The condition, acute flaccid myelitis (AFM ), was first identified in 2014, when there were 120 cases, NBC News reported. What can cause the illness? However, it can be hard to detect how patients actually get AFM.
Troyer, best known for his role as Mini-Me in two of the " Austin Powers " comedy films, died earlier this year at the age of 49. He also played banker-goblin Griphook in Harry Potter and the Sorcerer's Stone and appeared in dozens of TV shows and videos.
The latest romantic surprise reveals itself in the form of alleged relationship between Jessie J and Channing Tatum . We won't be commenting beyond this, and we thank you all in advance for respecting our family's privacy.
His discovery, according to experts, allows to say that sexual dysfunction in men partly is of genetic nature, reports MedikForum. Think of a gene like a light bulb, Jorgenson said: The promoter is like a light switch, and an enhancer acts like the fuse box.
UWOs, used by the National Crime Agency, were introduced in January in an attempt to crack down on so-called McMafia crime. The Azeri finance ministry said about $3 billion could have been misappropriated by Hajiyev, who denied the charges.
Riyadh has supported the administration's tough stance toward Iran, a key rival of Saudi Arabia in the volatile Middle East. The two countries have such an obligation under both criminal law and worldwide human rights law, she said.
The hurricane is expected to make landfall Wednesday in Florida before crossing Georgia and the Carolinas as a weaker storm. Offshore oil platforms in the Gulf of Mexico have evacuated workers, halting almost a fifth of daily production.
As it came ashore, Michael was just shy of a Category 5 - defined as a storm packing wind speeds of 157 miles per hour or above. A man in Greensboro, Florida, was killed when a tree fell on his house, a spokesperson for the Gadsden County sheriff said.
Nokia 7.1 Plus Expected to Launch Today in India
Regardless of this, a respectable 3,500mAh battery is included, as is stock Android 8.1 Oreo as part of the Android One program. HMD has tied up with Reliance Jio to offer up to 544GB free 4G data, however the exact terms weren't announced at the event.
Britons among 10 dead in Majorca flash floods
Nadal invited people affected by the storms to take shelter at his tennis academy before getting out there and helping himself. Spanish tennis star Rafael Nadal, who is from Mallorca, helped residents clear mud from their houses in Sant Llorenc.
Soyuz crew reportedly alive after emergency landing
Russian and US space officials said that the crew is heading for an emergency landing in Kazakhstan at an unspecified time. Russian and USA space officials said the crew made an emergency landing in Kazakhstan at an unspecified time.
How to Watch Samsung Galaxy A9 Launch Live Stream
In all started with the launch of Huawei P20 Pro in March, which featured three cameras on the back and four in total. The picture also shows the phone will come with a squircle-shaped fingerprint scanner which sits in the middle.
Pokemon Go Reveals How to Catch Meltan
Last month, Pokemon Go shocked the world with the surprise introduction of a new Pokemon species - the mythical Pokemon Meltan. Plenty Meltan are all over the page, including one you can rotate freely to get a better look at the liquid metal 'mon.
Tech, luxury goods lead Wall Street slide
The S&P 500 index hasn't suffered a five-day losing streak since November 2016, just before the USA presidential election. USA stock exchanges recorded biggest losses in 8 months as rising interest rates made investors flee risky stocks.