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Wall Street resumes selloff; S&P flirts with correction

Wall Street resumes selloff; S&P flirts with correction

The Nasdaq composite lost 205 points, or 2.8 percent, to 7,113.

There have also been disappointing quarterly earnings from several big-name companies, worldwide condemnation of Saudi Arabia - a major oil producer - over the killing of journalist Jamal Khashoggi, and concerns that the US-China trade war is causing the global economy to slow down.

The Dow Jones Industrial Average lost more 2.4 percent, losing more than 600 points to end at 24,583.42.

The Dow dropped 296.24 points, or 1.2 percent, to 24,688.31.

The Nasdaq rose 3 percent, a day after it confirmed a correction and registered its biggest decline since 2011.

The weak results from Amazon and Google parent Alphabet were the latest setback for the high-growth quartet of stocks known as FANG, which also includes Facebook Inc and Netflix Inc.

The Dow Jones Industrial Average sank 500 points Friday, or 2 percent, putting it in the red for the year again.

On Friday, France's CAC 40 index fell 1.3%, while the Dax slipped about 1%.

The benchmark S&P 500 index in the U.S. is down more than 1.5%, falling nearly 10% from its peak set earlier in October.

Benchmark U.S. crude edged up 0.6 percent to settle at $66.82 a barrel in NY.

The Nasdaq is up 205.01 points, or 3 percent.

Saudi Arabia has 'no intention' of 1973 oil embargo replay
The pledge comes despite Saudi Arabia's previous threats to retaliate to any sanctions with "greater action". President Donald Trump withdrew America from the 2015 nuclear deal.

The Russell 2000 is down 66.81 points, or 4.4 per cent.

On Thursday the stock market looks the way it has looked for most of this year: high-tech and consumer-focused companies lead the way while steadier, defensive stocks that pay big dividends weren't doing much, or lost ground. Britain's FTSE 100 inched up 0.1 percent.

Twitter soared 15.7 percent to $31.87 and electric vehicle maker Tesla jumped 8.7 percent to $313.62 after releasing their quarterly reports, while video game maker Take-Two vaulted 9.1 percent to $121.05 after strong reviews for its latest game, "Red Dead Redemption 2".

Caterpillar tumbled 5.8 percent after the heavy-duty equipment maker maintained its 2018 earnings forecast, after having raised it in the previous two quarters.

Despite signs of weakness in the housing market, the USA economy appears to be very strong.

METALS: Gold fell 0.5 percent to $1,231.10 an ounce.

Investors moved to the relative safety of United States government bonds, which move inversely to yields, with the 10-year falling 4.7 basis points to 3.089%, its lowest in three weeks. For the week, these three major indexes dropped 2.97%, 4.03% and 3.78%, respectively. Bond prices rose, sending yields lower as traders sought safe-haven investments.

"Market technicals are showing signs of improving, with fewer stocks reaching 4-week lows yesterday and weak market depth of trading activity likely close to a bottom", Draho added. Newell shares have declined more than 50 percent since their 52-week high.

Japan's Nikkei 225 index swooned 3.7 per cent to 21,268.73.

CURRENCIES: The dollar strengthened to 112.51 yen from 112.47 yen on Tuesday.

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