Stocks end wild day with 4% drop; S&P, Dow enter correction territory

Stocks end wild day with 4% drop; S&P, Dow enter correction territory

At the closing bell, the Dow Jones Industrial Average stood at 24,915.45, up around 570 points, or 2.3%, near its session peak.

In Toronto, the S&P/TSX composite index was down 31.08 points or 0.21 per cent to 15,034.53, after losing almost 280 points and gaining more than 45 points throughout the day.

The Dow Jones industrial average plunged more than 1,000 points as a weeklong market swoon continued.

From record highs in January, both Dow and S&P 500 slid 10 per cent this week - entering a typical definition for correction phase. The declines come after the Dow and S&P posted their biggest weekly percentage drops since January 2016 last week, and the Nasdaq posted its biggest weekly drop since February 2016.

North American markets were mixed Friday afternoon, as they tried to bounce back from a steep sell-off on Thursday that sent three USA benchmark indexes into correction territory.

For the week, the Dow is down by about 5.2 percent. Brent crude gave up 70 cents, or 1.1 percent, to $64.81 per barrel. The yield on the 10-year note was as low as 2.04 percent as recently as September.

"I just think the market has to find new footing here", said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. "We've all enjoyed it", said Rich Guerrini, CEO of PNC Investments.

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Technology was among the best performing groups.

Share prices tumbled in Europe on Friday, falling about 1.4 percent in Paris, around 1.2 percent in Frankfurt and about 1.1 percent in London.

The Dow Jones Transport Average index was dragged down by shares of package delivery companies FedEx and United Parcel Service after a report said is preparing to launch a delivery service for businesses.

Volume rose from Thursday's levels, according to preliminary data.

The 10-year Treasury yield, which touched a four-year high of 2.88% on Thursday, is trading around 2.80% on Friday.

"That's part of this recalculation that has gone on in the market: How do we factor in higher bond yields?" said Willie Delwiche, investment strategist at Baird in Milwaukee.

'And that is a process that is playing out'. The broader S&P 500 was up 1.49 percent.

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The CBOE Volatility index, which is the main gauge of expected volatility on Wall Street, rose to 34.33 in the afternoon - but still well below over 50 hit on Tuesday, which is a 2½-year high. Bears, including short sellers that bet on the market decline, say that the market is over-stretched in the context of rising bond yields as central banks withdraw their easy money policies of recent years.

Technology companies accounted for most of the broad gains, outweighing losses in energy stocks, which slumped as USA crude prices declined.

"It's certainly another reason for the Bank of Canada to bide its time and probably wait until July before raising interest rates again", said Sal Guatieri, senior economist at BMO Capital Markets.

Concerns of oversupply the US market also weighed on the commodity.

In Toronto, the TSX fell over 191 points at 15,139.

The economy is already running hot, with the nation's unemployment rate at a 17-year low of 4.1 per cent. But stock prices climbed faster than profits in recent years.

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