Tokyo stocks plummet in sell-off after Dow's biggest-ever point drop

Tokyo stocks plummet in sell-off after Dow's biggest-ever point drop

Tokyo stocks plummet in sell-off after Dow's biggest-ever point drop

Australian shares dropped 3.0 per cent to their lowest level since October while South Korean shares dropped 2.0 per cent. Japan's benchmark index slumped almost 1,200 points. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy.

Stock markets in Europe have tumbled at the open following the routs on Wall Street and Asia and as investors fret that a healthy correction could turn into a protracted bear market.

The Dow Jones Industrial Average saw its steepest ever one-day point drop, wiping 4.6 per cent off the value of America's 30 largest companies to finish at 24,345.75, havingat one point plummeted almost 1,600 points to a low of 23,923.88.

By midday it was up 30 points, or 0.2 percent, at 24,395. After the Dow dropped, Japan's Nikkei and Hong Kong's Hang Seng dipped by about 5 percent. The Standard & Poor's 500 index rose 31 points, or 1.2 percent, to 2,680 after a 4.1 percent drop Monday.

Global cues unleash bears, Sensex plunges by over 1,000 points A massive downturn in the United States and East Asian stock markets unleashed a selling frenzy in the Indian equity markets during the morning trade session on Tuesday.

Trading was choppy in the early going Tuesday, likely to be one of the most watched days on the markets in years.

The CBOE Volatility index, the closely followed "fear-index" measure of expected near-term stock market volatility jumped 20 points to 30.71, its highest since August 2015.

That has fed into widespread concerns that markets were stretched following a strong run over the past year that pushed many indexes to record highs.

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Paul Donovan, global chief economist at UBS Wealth Management, said that investors should take a longer view.

Wall Street's plunge Friday came after U.S.jobs data showed wage growth is finally beginning to strengthen. London's FTSE 100 also lost 3.5 percent in opening trading, with banks and financial stocks hit hardest. That had led some experts to warn that markets were overdue for a correction.

Powell said after his swearing in that the USA financial system was " stronger and more resilient" than it was before the financial crisis that occurred 10 years ago.

On Monday, the Dow finished down 4.6 percent while the S&P 500 sank 4.1 percent, to 2,648.94. Falls like this have not been registered since August 2011 when investors were fretting over Europe's debt crisis and the debt ceiling impasse in Washington that prompted a US credit rating downgrade.

Still, while some financial assets became more attractive to investors as perceived havens of value.

USA crude futures traded at $63.87 per barrel, down 0.6 percent, while safe-haven gold was up for a fourth day in the last five, at $1,340 per ounce.

The Tokyo market accelerated its downswing in the afternoon as market players stepped up selling to avoid further losses, with the Nikkei briefly giving up over 1,600 points.

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