Sudden jump in United States interest rates prompts Wall Street stock plunge

Dow plunges more than 500 points as stocks suffer second day of losses

The Nasdaq composite, which has a high concentration of technology companies, had its biggest loss in more than two years.

The Dow Jones Industrial Average gave up 831.83 points, or 3.1 percent, to 25,598.74.

United States stocks notched solid gains in the third quarter as investors brushed aside worries about trade wars and focused on strong corporate earnings and solid USA economic data. A hallmark of the past decade has been ultra-low interest rates, which the Federal Reserve used to promote growth in the aftermath of the 2008 financial crisis.

Kinahan said investors want to know if Corporate America is anxious about the Trump administration's tariffs on Chinese imports and if it sees signs of slower economic growth.

The selling Thursday was widespread.

Shares of Amazon declined 6.2 percent Wednesday, as Netflix fell 8.4 percent and Facebook and Apple both fell 4 percent. Bond yields move in the opposite direction to price. But investors found more things to worry about.

Jitters were already running high, thanks to the trade war between China and the United States, which is showing no signs of being resolved any time soon.

Tech stocks in the S&P 500 fell 2.7 percent Wednesday for the steepest loss among the 11 sectors that make up the index.

Insurance companies dropped as Hurricane Michael continued to gather strength and came ashore in Florida bringing winds of up to 155 miles an hour.

USA stocks posted their worst loss since February on Wednesday, the Dow Jones industrial average finishing the day down more than 800 points.

The Nasdaq composite tumbled 315.97 points, or 4.1 percent, to 7,422.05.

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Asad Shafiq and Babar Azam then combined to add 71 to peg Australia back further under the sweltering Dubai heat. Before the dust had settled, Abbas also got rid of Mitchell Marsh (nought) to leave Australia in disbelief.

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Racing NSW officials made the decision to conduct the draw prior to the event to circumvent any security risks that may exist. Comedy crew The Chaser have out-Jonesed Alan Jones by projecting his phone number onto the sails of the Sydney Opera House.

But Hogan said earnings were also a source of worry because they could showcase the consequences of Trump's trade wars for USA companies, from raising costs of raw materials to forcing enterprises to change supply chains.

"Volumes are surging because people are sitting up and acting", he said.

It was the fifth negative day for the S&P 500, and the longest losing streak during the Trump presidency.

Wholesale gasoline shed 2.7 per cent to $2.02 a gallon.

"The U.S. market sell-off last night spooked sentiment and rekindled memories of similar trading sessions at the beginning of this year", Medha Samant, investment director for Asian equities at Fidelity International, wrote in a note on Thursday morning, according to the Financial Times. "With all due respect, I don't think this is anything resembling a sugar high". With a humming USA economy, the Federal Reserve is expected to continue hiking interest rates.

Bond yields, which have spiked over the last week, slid after the Labor Department said consumer prices rose less than economists expected in September.

The 10-year Treasury yield rose to 3.22 per cent from 3.20 per cent late Tuesday after earlier touching 3.24 per cent. On Wednesday, the 10-year yield once again touched its highest level in seven years.

Amazon dropped another 3.4 percent to $1,694.01 and Apple fell 1.4 percent to $213.25. Earnings season begins in earnest on Friday with results from JPMorgan Chase and other large banks. Eastern time. It's on pace to be the index's worst day since February 5, when it lost over 1,100 points in a single trading day. Microsoft and Alphabet, Google's parent company, held up better than the rest of the market. Those stocks have made huge gains for years, but they're now out of favor. The benchmark USA stock index hadn't suffered a five-day losing streak since November 2016, just before the presidential election. Delta Air Lines shares rose 3.8 percent after the airline beat profit expectations.

Oil futures fell. US crude gave up $1.27 to $71.90 a barrel. Government data out a day earlier showed the producer price index rebounded to a seasonally adjusted 0.2% after two months of declines.

Gold rose 0.2 per cent to $1,193.40 an ounce.

The dollar fell to 112.59 Japanese yen from 113.05 yen late Tuesday.

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