Stocks open higher on Wall Street

Feb 10, 2018, 02:56
Stocks open higher on Wall Street

The percentage decline on Thursday, 4.2%, wasn't almost as bad as the scary days of the 2008 financial crisis.

Gains in industrial and consumer discretionary stocks led advances on the S&P and the Dow.

The Dow and S&P 500 capped off their worst weekly performance in two years last week after a stronger-than-expected jobs report sent interest rates higher.

The price of gold, which is another haven was also slightly higher on Monday.

The sharp selloff in recent days was kicked off by concerns over rising inflation and bond yields, with investors pointing to additional pressure from the violent unwinding of trades linked to bets on volatility staying low. The market turned lower by early afternoon, only to head higher later in the day.

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Traders are still braced for more volatility as they try to figure out if the swings over the past few days are the start of a deeper correction or just a temporary blip in the USA market's nine-year bull run.

As scary as those developments may sound, a correction-technically, a drop of about 10%-can be considered healthy, or even a buying opportunity for investors who think the market may still have further to run.

Major U.S. indexes set their latest record highs just two weeks ago.

Dow Jones is still struggling to get its foot hold after Monday's huge meltdown, when it fell again by more than 1,000 points. It was up as much as 349 in early trading. South Korea's Kospi had declined 1.5 percent. "The mystery now is what level on the 10-year Treasury will, if not break the bull market's back, at least knock it back a few steps".

At 9:32 a.m. ET (1432 GMT), the Dow was up 346.11 points, or 1.45 percent, at 24,206.57.

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The Standard & Poor's 500 index slipped 1 point, or 0.1 percent, to 2,579. Switch was down 14 cents, or 0.90 percent to $14.83.

Activity was similarly volatile on the bond market. The yield on the 10-year Treasury note was unchanged at 2.83 percent.

The continuing sell-off in bonds is, according to insiders on Wall Street, spooking the market.

The swoon began Friday as investors anxious that accelerating inflation and higher interest rates could derail the market's record-setting rally. Microsoft lost 2.3 percent.

The Dow closed below 24,000 points for the first time since November of past year, when investors were particularly excited about the passage of the bill overhauling the tax code in the United States.

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The S&P 500 index showed 2 new 52-week highs and no new lows, while the NASDAQ recorded 13 new highs and 21 new lows. On the Nasdaq, 1,981 issues rose and 438 fell.

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