US stocks slump again; S&P 500, Dow back into red for year

Futures Slump on Global Riskoff Sentiment; Caterpillar Weighs

Dow plunges 608 points, erasing gains for the year

Shares have fallen moderately in Asia after the latest torrent of selling on Wall Street.

Strong results from major companies including Microsoft, Visa and Comcast are sending stocks higher on Wall Street.

Advancing issues outnumbered declining ones on the NYSE by a 2.35-to-1 ratio; on Nasdaq, a 2.43-to-1 ratio favored advancers.

The Russell 2000 index gained 30 points, or 2.1 percent, to 1,499.

Wednesday's decline left the S&P and the Dow Jones down 0.7 percent and 0.6 percent for the year respectively.

For market favorites like technology and consumer-focused companies it's been even worse. Analysts attributed Wednesday's sell-off to fears of economic weakness around the globe that could reduce demand for the products and services from USA companies.

Results from S&P 500 companies have pushed up third-quarter profit growth estimates to 23.6 percent from 21.8 percent in the last 10 days. AT&T sank after reporting weak subscriber numbers, and chipmaker Texas Instruments fell sharply after reporting slumping demand.

The S&P 500 posted 14 new 52-week highs and 91 new lows; the Nasdaq Composite recorded 15 new highs and 445 new lows. The Dow Jones Industrial Average rose 401.13 points, or 1.6 percent, to 24,984.55 after rising as much as 520 points during the day.

Meanwhile, the S&P 500 opened lower as it fell 1.4 percent, while the Nasdaq 100 tumbled by 2.6 percent.

Another loss Thursday will likely push the index into what Wall Street calls a "correction" - a drop of 10 percent or more from the latest high.

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USA bond prices edged lower.

The outlooks from some of the companies that reported third-quarter results this week, including Caterpillar, 3M and United Parcel Service, only stoked those worries.

Strong results from major companies including Microsoft, Visa and Comcast are sending USA stocks higher Thursday, a respite after three weeks of extremely volatile trading marked by steep losses. The Kospi in South Korea dropped 1.6 percent.

Boeing jumped 3.3 percent after beating analysts' earnings forecasts.

The Nasdaq is down 340.63 points, or 4.6 percent.

The Nasdaq closed down 12.4 percent from its August 29 record closing high, falling 4.4 percent for the day in its biggest one-day percentage decline since August 18, 2011. The company also raised its estimates for the year, citing faster orders for aircraft.

The S&P 500 had index plunged 9.2 per cent since October 3 as investors anxious about climbing interest rates and the effects of the US-China trade dispute.

The Dow Jones Industrial Average was higher thanks to the gain in Boeing. The internet retailer dropped 4.8 per cent in aftermarket trading while Google's parent company lost 3.2 per cent.

In other trading, benchmark USA crude lost 50 cents to United States dollars 66.34 per barrel in electronic trading on the New York Mercantile Exchange.

That, along with worries ranging from rising borrowing costs and bond yields to Italy's budget and upcoming United States mid-term elections, sparked a rout on Wall Street yesterday.

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