Gains Wiped Out: Dow Falls 608 Points as October Losses Mount

Gains Wiped Out: Dow Falls 608 Points as October Losses Mount

Strong results from major companies including Microsoft, Visa and Comcast are sending U.S. stocks higher. The rally wiped out part of the market's plunge from the day before, but stocks are still down sharply over the past three weeks. "Earnings have helped", said Robert Pavlik, chief investment strategist and senior portfolio manager at SlateStone Wealth LLC in NY.

United States trade wars, Federal Reserve rates policy, and the dispute between Italy and the European Union are also pressuring the markets.

Big earnings gains for several US companies helped encourage investors to start hitting the "buy" button again.

The Dow Jones Industrial Average is 6.83 percent down from its all-time closing high and the Nasdaq 9 percent. The Dow Jones Industrial Average lost more 2.4 percent, losing more than 600 points to end at 24,583.42.

Another loss Thursday will likely push the index into what Wall Street calls a "correction" - a drop of 10 percent or more from the latest high.

The S&P 500 lost 84.59 points, or 3.1 per cent, to 2,656.10. Its stock fell 4.7 percent.

Even so, traders are concerned about future growth amid rising inflation, interest rates and uncertainty over trade.

The result made for the strongest six-month period since mid-2014 and puts growth above the prevailing trend for most of the recovery since the Great Recession, although it is based on preliminary data subject to revision.

Intel Corp defied weakness to gain 3.6 percent after its better-than-expected quarterly results, though interim Chief Executive Officer Bob Swan said trade tensions with China could be a "headwind" next year. It rose 1.3 percent to $354.65 after the defense contractor's latest quarterly results topped analysts' forecasts. "I think tech is just caught up in it today".

HOUSING SKID: The Commerce Department said sales of new USA homes plunged 5.5 percent in September, the fourth monthly drop.

The S&P 500 index slid 46.88 points, or 1.7 per cent, to 2,658.69.

Oct 26 (Reuters) - U.S. stocks resumed their selloff on Friday, with the S&P poised to join the Nasdaq in correction territory, sparked by grim earnings reports from Alphabet and Amazon that eclipsed data showing the U.S. economy continued to grow at a healthy clip. She expects that to change when the dust settles.

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Some investors, including David Meier, a portfolio manager at Motley Fool Asset Management, say the sense that stock prices have simply reached their peak is driving the markets, too.

About 24 percent of the companies in the S&P 500 had reported third-quarter results as of Wednesday.

The S&P 500 ended at its lowest level since early May yesterday and flirted with correction territory after technology and internet shares sold off further, capping another volatile week for USA stocks. But huge companies like Microsoft, Alphabet and Amazon.

"Once the elections and earnings are out of the way, we'll have a calmer market but not necessarily a big move up", Ramos said. Netflix lost 8.4 percent to $305.19.

Wall Street favourites in recent years, the FANG stocks have been punished in a month of volatility for US equities that has some investors anxious a decade-old bull market may be ending.

The FTSE 100 closed down 0.92 per cent, or 64.54 points, to 6939.56, while the FTSE 250 shed 0.96 per cent, or 178.63 points, to 18,352.90.

The beaten-down technology sector fell 1.37 percent, led by chipmakers, over concerns of slowing growth in China and ahead of key earnings. The Russell 2000 index of smaller-company stocks gave up 19 points, or 1.3 percent, to 1,480.

The Commerce Department said sales of new US homes plunged 5.5 percent in September, the fourth monthly drop.

As in New York, Asia's losses were heaviest for technology companies.

Stocks have been punished this month by a range of worries, from rising borrowing costs and bond yields to Italy's budget and US congressional elections due in less than two weeks.

Energy had a sector-wide loss of more than two per cent on Tuesday, extending its losses for the month beyond 10 per cent, after oil prices plunged to two- month lows.

Benchmark U.S. crude rose 0.8 percent to $67.35 a barrel in NY. Brent crude, used to price global oils, slid 0.4 percent to $76.17 a barrel in London. Hong Kong's Hang Seng sank 1.1 percent.

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