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

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

Eastern Time. The Dow Jones Industrial Average lost 430 points, or 1.7 percent, to 24,760.

Bond prices rose as investors sought safety, sending yields lower.

Traders said investors went bargain-hunting after the market rout on Wednesday that saw the Dow fall 608 points or 2.4 per cent and the S&P 500's index fall 84.59 points or 3.1 per cent, and the Nasdaq enter correction territory.

"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. Other industrial companies had dimmed their profit outlooks a day earlier, with Caterpillar (-5.6%) warning Chinese tariffs would push up its costs. We reported that Tesla (NASDAQ:TSLA) was so confident in their earnings they moved their reporting date forward then made the largest profit the company had ever reported (not that Tesla has ever been largely profitable in the past).

On Wednesday, key Wall Street indexes sank by more than 2 percent, further extending losses seen just the day before.

The Dow Jones fell 1.2%, while the Nasdaq slumped more than 2%.

The Nasdaq surged 192 points, or 2.7 percent, to 7,301.

The Nasdaq composite added 209 points, or 3 percent, to 7,318. The Russell 2000 index of smaller-company stocks gave up 4 points, or 0.3 percent, to 1,534.

Stocks are surging on Wall Street, a day after a huge rout erased the market's gains for the year.

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A US Commerce Department report showing stronger-than-expected growth in the third quarter failed to bolster confidence. Netflix lost 8.4 percent to $305.19.

Ford Motor, which is struggling with sales in China, rose 8.2 percent as its earnings report raised hopes for a strong finish to the year, bolstering gains in the consumer discretionary sector.

"Concerns that earnings growth may be peaking against an unsettled global backdrop and that fiscal stimulus will wane continued to weight on sentiment", said analysts at the Australia and New Zealand Banking Group (ANZ).

Both reported revenue that fell short of analysts' estimates.

ENERGY: Benchmark U.S. crude fell 66 cents to $66.67 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the benchmark for global oil prices, rose 0.5 percent to $76.56 a barrel in London. Wholesale gasoline slipped 0.8 percent to $1.82 a gallon.

Italy's FTSE MIB leads the gains, higher by more than 1%, while France's CAC 40 is 0.8% higher, and Germany's DAX - which started the day nearly 1% down - is up by 0.2%.

The dollar climbed to 112.64 yen from 112.44 yen.

Gold rose 1 percent to $1,236.80 an ounce. The euro fell to $1.1393 from $1.1467. Copper was little changed at $2.76 a pound. Silver gained 1.4 percent to $14.79 an ounce.

A man looks at an electronic stock board showing Japan's Nikkei 225 index on Thursday in Tokyo.

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