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| Version 35 | Version 36 |
|---|---|
| The Dow leaps 619 points after two days of China woes - as it happened | The Dow leaps 619 points after two days of China woes - as it happened |
| (21 days later) | |
| 9.23pm BST | 9.23pm BST |
| 21:23 | 21:23 |
| It was a long day of erratic trading in US markets today, with a rapid liftoff just after the bell and a close that marked biggest single-day gains in the Dow Jones Industrial Average and the S&P 500 since 2011. | It was a long day of erratic trading in US markets today, with a rapid liftoff just after the bell and a close that marked biggest single-day gains in the Dow Jones Industrial Average and the S&P 500 since 2011. |
| Federal Reserve policymaker William Dudley walked back hints that an interest rate hike was imminent, calling the increase a safer bet for October than September, as previously indicated by Janet Yellen. | Federal Reserve policymaker William Dudley walked back hints that an interest rate hike was imminent, calling the increase a safer bet for October than September, as previously indicated by Janet Yellen. |
| Still no respite from the falloff in Shanghai: that market closed down 1.3% today, making it the fifth consecutive session down for the Shanghai Composite. Chinese police also arrested two traders today on charges of insider trading and faking documents. | Still no respite from the falloff in Shanghai: that market closed down 1.3% today, making it the fifth consecutive session down for the Shanghai Composite. Chinese police also arrested two traders today on charges of insider trading and faking documents. |
| This liveblog is ending for the day, but read my colleagues Rupert Neate and Dominic Rushe on the closing bell, and come back to the Guardian’s business section for our markets blog tomorrow. | This liveblog is ending for the day, but read my colleagues Rupert Neate and Dominic Rushe on the closing bell, and come back to the Guardian’s business section for our markets blog tomorrow. |
| 9.06pm BST | 9.06pm BST |
| 21:06 | 21:06 |
| The Dow, The S&P 500 and the Nasdaq all close up | The Dow, The S&P 500 and the Nasdaq all close up |
| The Dow surged to a high of 627 points and closed at 619 up after a frantic day of ups and downs - that makes today the third-highest increase (in points, not percentage) in its history. Both of the others happened early in the financial crisis. | The Dow surged to a high of 627 points and closed at 619 up after a frantic day of ups and downs - that makes today the third-highest increase (in points, not percentage) in its history. Both of the others happened early in the financial crisis. |
| 8.22pm BST | 8.22pm BST |
| 20:22 | 20:22 |
| The Dow Jones Industrial Average is up 500 points | The Dow Jones Industrial Average is up 500 points |
| The Dow is up more than 500 points, because truly, for absolute certain, nobody has any idea what’s going on. | The Dow is up more than 500 points, because truly, for absolute certain, nobody has any idea what’s going on. |
| Interpreting the stock market today: ¯\_(ツ)_/¯ | Interpreting the stock market today: ¯\_(ツ)_/¯ |
| Updated | Updated |
| at 8.23pm BST | at 8.23pm BST |
| 8.05pm BST | 8.05pm BST |
| 20:05 | 20:05 |
| Provided 3:00 to 4:00 today looks different from the same time period yesterday, we’re on track for the Dow to close up 400 points. An hour shy of the bell, the standings are solid across three major indexes. | Provided 3:00 to 4:00 today looks different from the same time period yesterday, we’re on track for the Dow to close up 400 points. An hour shy of the bell, the standings are solid across three major indexes. |
| 7.27pm BST | 7.27pm BST |
| 19:27 | 19:27 |
| Uniquely unworried in all the market hubbub is seed fund Ycombinator. The company just released a slew of statistics about its investments - all private concerns with cash from Ycombinator and other investors giving them a boost - including that its 940 companies had raised some $7bn by themselves. | Uniquely unworried in all the market hubbub is seed fund Ycombinator. The company just released a slew of statistics about its investments - all private concerns with cash from Ycombinator and other investors giving them a boost - including that its 940 companies had raised some $7bn by themselves. |
| Chief Operations Officer Qasar Younis said the fund had just had its “demo day,” during which some 500 investors check out its constituents. Younis didn’t think the current trouble in China would cause too much trouble for the startup world - “I think the economy’s strong, rates are healthy, housing stats are good,” he said (durable goods beat predictions by a health margin earlier today). But he did believe a longer fall could cause trouble. | Chief Operations Officer Qasar Younis said the fund had just had its “demo day,” during which some 500 investors check out its constituents. Younis didn’t think the current trouble in China would cause too much trouble for the startup world - “I think the economy’s strong, rates are healthy, housing stats are good,” he said (durable goods beat predictions by a health margin earlier today). But he did believe a longer fall could cause trouble. |
| “If there’s a much longer and prolonged downturn, it’ll have a much stronger impact,” he said. “You have to be much more cognizant of your cash.” That’s not a new thing, of course: “2010, 2012 were a great time to be raising money,” he said, “but you still had to be careful of your cash.” | “If there’s a much longer and prolonged downturn, it’ll have a much stronger impact,” he said. “You have to be much more cognizant of your cash.” That’s not a new thing, of course: “2010, 2012 were a great time to be raising money,” he said, “but you still had to be careful of your cash.” |
| Younis also had advice for startups that had to continuously raise money to remain operational: don’t do that. | Younis also had advice for startups that had to continuously raise money to remain operational: don’t do that. |
| You should never be beholden to investor capital. The easiest way to control your company is to be a profitable, stand-alone business. Chasing deals isn’t a sustainable business strategy. Even in good times, the advice is the same: manage your cash. | You should never be beholden to investor capital. The easiest way to control your company is to be a profitable, stand-alone business. Chasing deals isn’t a sustainable business strategy. Even in good times, the advice is the same: manage your cash. |
| Updated | Updated |
| at 7.28pm BST | at 7.28pm BST |
| 7.16pm BST | 7.16pm BST |
| 19:16 | 19:16 |
| Dow up 335 points after long fall | Dow up 335 points after long fall |
| The Dow is now up 335 points at 2:15 p.m., good but not quite at its highest point for the day. The market is anxious to avoid a seven-day losing streak but yesterday and Monday both had ups and downs before stocks finally came crashing back to their starting positions (and below) at the closing bell. | The Dow is now up 335 points at 2:15 p.m., good but not quite at its highest point for the day. The market is anxious to avoid a seven-day losing streak but yesterday and Monday both had ups and downs before stocks finally came crashing back to their starting positions (and below) at the closing bell. |
| 6.55pm BST | 6.55pm BST |
| 18:55 | 18:55 |
| A couple of commodities charts giving perspective over the last few months, since the selloff in that sector is a large part of today’s news (and news of the past week). | A couple of commodities charts giving perspective over the last few months, since the selloff in that sector is a large part of today’s news (and news of the past week). |
| Gold: | Gold: |
| Oil: | Oil: |
| Updated | Updated |
| at 7.00pm BST | at 7.00pm BST |
| 6.16pm BST | 6.16pm BST |
| 18:16 | 18:16 |
| Barrick Gold is at levels not seen since 1989 pic.twitter.com/Vs5kxm7bwa | Barrick Gold is at levels not seen since 1989 pic.twitter.com/Vs5kxm7bwa |
| As the market rallies, companies associated with commodities are on the way down: Barrick Gold, a mining concern, had an incredible peak during the financial crisis and recently now lost all those gains and more. | As the market rallies, companies associated with commodities are on the way down: Barrick Gold, a mining concern, had an incredible peak during the financial crisis and recently now lost all those gains and more. |
| Updated | Updated |
| at 6.27pm BST | at 6.27pm BST |
| 5.54pm BST | 5.54pm BST |
| 17:54 | 17:54 |
| Here’s an interesting one from Doug Short: a graph of the S&P 500 starting Oct. 9, 2007, at the beginning of the financial crisis and continuing through the present day. The index is down 9.29% for the year thus far, but this most recent dip is the second-deepest of the recovery so far. | Here’s an interesting one from Doug Short: a graph of the S&P 500 starting Oct. 9, 2007, at the beginning of the financial crisis and continuing through the present day. The index is down 9.29% for the year thus far, but this most recent dip is the second-deepest of the recovery so far. |
| 5.32pm BST | 5.32pm BST |
| 17:32 | 17:32 |
| 5.30pm BST | 5.30pm BST |
| 17:30 | 17:30 |
| If you’re just tuning in, here’s our latest news story on today’s developments: | If you’re just tuning in, here’s our latest news story on today’s developments: |
| Related: Global market turmoil makes planned interest rate rise 'less compelling' | Related: Global market turmoil makes planned interest rate rise 'less compelling' |
| 5.22pm BST | 5.22pm BST |
| 17:22 | 17:22 |
| Sam Thielman in New York taking over the liveblog from Graeme - it’s a grim day in New York as news of a grisly murder in Virginia dominates headlines coverage. The Dow took off early this morning but has zigged and zagged downward toward its opening price. | Sam Thielman in New York taking over the liveblog from Graeme - it’s a grim day in New York as news of a grisly murder in Virginia dominates headlines coverage. The Dow took off early this morning but has zigged and zagged downward toward its opening price. |
| There’s another scuttled deal after yesterday’s no-go notice for the Pepco-Exelon merger, but this one is good for at least one party: Monsanto has said it’s not going to continue to pursue the acquisition of Swiss company Syngenta and is trading up on the news. | There’s another scuttled deal after yesterday’s no-go notice for the Pepco-Exelon merger, but this one is good for at least one party: Monsanto has said it’s not going to continue to pursue the acquisition of Swiss company Syngenta and is trading up on the news. |
| Meanwhile, oil has dropped below $40 a barrel on a combination of worries about China and near-record Opec production; Pavel Molchanov of Raymond James tells Yahoo News that the reasons aren’t “fundamental.” | Meanwhile, oil has dropped below $40 a barrel on a combination of worries about China and near-record Opec production; Pavel Molchanov of Raymond James tells Yahoo News that the reasons aren’t “fundamental.” |
| 5.17pm BST | 5.17pm BST |
| 17:17 | 17:17 |
| What a dramatic week it’s been already: | What a dramatic week it’s been already: |
| FTSE 100 chart of the week so far (h/t @DuncanWeldon for the Wednesday label). pic.twitter.com/uDOnO5MBBe | FTSE 100 chart of the week so far (h/t @DuncanWeldon for the Wednesday label). pic.twitter.com/uDOnO5MBBe |
| Could we get Turnaround Thursday tomorrow? Or Troubling Thursday, perhaps.... | Could we get Turnaround Thursday tomorrow? Or Troubling Thursday, perhaps.... |
| 5.04pm BST | 5.04pm BST |
| 17:04 | 17:04 |
| £26bn was knocked off the value of the FTSE 100 companies today, calculates Sky News. | £26bn was knocked off the value of the FTSE 100 companies today, calculates Sky News. |
| Stock Market Turmoil: £26bn Wiped Off FTSE 100 http://t.co/ElqLa4YpJs pic.twitter.com/5FMdWJEQdG | Stock Market Turmoil: £26bn Wiped Off FTSE 100 http://t.co/ElqLa4YpJs pic.twitter.com/5FMdWJEQdG |
| 5.01pm BST | 5.01pm BST |
| 17:01 | 17:01 |
| Today’s selloff pushes the FTSE 100 deeper into correction territory. It’s currently 15% off its record high. | Today’s selloff pushes the FTSE 100 deeper into correction territory. It’s currently 15% off its record high. |
| Updated | Updated |
| at 6.51pm BST | at 6.51pm BST |
| 4.56pm BST | 4.56pm BST |
| 16:56 | 16:56 |
| FTSE 100 falls 102 points | FTSE 100 falls 102 points |
| European stock markets have just posted chunky falls, in a late selloff that suggests investors on this side of the Atlantic remain anxious. | European stock markets have just posted chunky falls, in a late selloff that suggests investors on this side of the Atlantic remain anxious. |
| The FTSE 100 index of blue-chip shares fell by 102 points to close at 5979, back below the 6,000 point mark. It has now fallen for 11 of the last 12 days (yesterday it jumped by 188 points) | The FTSE 100 index of blue-chip shares fell by 102 points to close at 5979, back below the 6,000 point mark. It has now fallen for 11 of the last 12 days (yesterday it jumped by 188 points) |
| Silver producer Fresnillo led the selloff, down 7%: | Silver producer Fresnillo led the selloff, down 7%: |
| Germany’s DAX and Spain’s IBEX both lost 1.3%, and the French CAC dropped 1.4%. | Germany’s DAX and Spain’s IBEX both lost 1.3%, and the French CAC dropped 1.4%. |
| The markets had briefly turned positive earlier today, after the People’s Bank of China offered more cheap loans to the financial sector. The feel-good factor didn’t last long, though. | The markets had briefly turned positive earlier today, after the People’s Bank of China offered more cheap loans to the financial sector. The feel-good factor didn’t last long, though. |
| Jasper Lawler of CMC Markets explains why: | Jasper Lawler of CMC Markets explains why: |
| The source of the rebound on Wednesday was a move by the People’s Bank of China to inject 140bn yuan ($21.8bn) into the economy, a day after cutting interest rates and bank reserve ratios. It’s clearly a positive that Chinese authorities have woken up to the problem at hand, it’s just a bit of a worry it took them this long. | The source of the rebound on Wednesday was a move by the People’s Bank of China to inject 140bn yuan ($21.8bn) into the economy, a day after cutting interest rates and bank reserve ratios. It’s clearly a positive that Chinese authorities have woken up to the problem at hand, it’s just a bit of a worry it took them this long. |
| Rather than getting ahead of the game with a well thought out plan for stabilising the economy, the People’s Bank of China appears to be reluctantly easing policy any time there’s a drop in share prices. The net effect is that markets clamour for more stimulus while at the same time losing faith it will actually work. | Rather than getting ahead of the game with a well thought out plan for stabilising the economy, the People’s Bank of China appears to be reluctantly easing policy any time there’s a drop in share prices. The net effect is that markets clamour for more stimulus while at the same time losing faith it will actually work. |
| Updated | Updated |
| at 5.26pm BST | at 5.26pm BST |
| 4.40pm BST | 4.40pm BST |
| 16:40 | 16:40 |
| City pros talk about ‘Dr Copper’, because the metal’s price is seen as a good indicator of the health of the global economy. | City pros talk about ‘Dr Copper’, because the metal’s price is seen as a good indicator of the health of the global economy. |
| This chart, from Royal Bank of Scotland, suggests the patient is ailing: | This chart, from Royal Bank of Scotland, suggests the patient is ailing: |
| Add to the mix the fall in that old favourite global growth indicator. The copper price @JeremyWarnerUK @DuncanWeldon pic.twitter.com/8G9jCI8ymR | Add to the mix the fall in that old favourite global growth indicator. The copper price @JeremyWarnerUK @DuncanWeldon pic.twitter.com/8G9jCI8ymR |
| 4.27pm BST | 4.27pm BST |
| 16:27 | 16:27 |
| Our rivals at the Financial Times in London have spotted a rainbow over the City. | Our rivals at the Financial Times in London have spotted a rainbow over the City. |
| There aren’t many pots of gold on offer in the equity market tonight, though, with the FTSE down around 1.2% in late trading. | There aren’t many pots of gold on offer in the equity market tonight, though, with the FTSE down around 1.2% in late trading. |
| Looks like treasure at the end of the rainbow - somewhere near the @bankofengland ... pic.twitter.com/dMA1BNDfNB | Looks like treasure at the end of the rainbow - somewhere near the @bankofengland ... pic.twitter.com/dMA1BNDfNB |
| 3.56pm BST | 3.56pm BST |
| 15:56 | 15:56 |
| Rupert Neate | Rupert Neate |
| William Dudley’s comments on a September rate hike are significant, as he had previously been one of the FOMC members pushing for a rate raise. | William Dudley’s comments on a September rate hike are significant, as he had previously been one of the FOMC members pushing for a rate raise. |
| Here’s the key quote from today’s press conference: | Here’s the key quote from today’s press conference: |
| “From my perspective, at this moment, the decision to begin the normalisation process at the September FOMC process seems less compelling to me than it was a few weeks ago.” | “From my perspective, at this moment, the decision to begin the normalisation process at the September FOMC process seems less compelling to me than it was a few weeks ago.” |
| Updated | Updated |
| at 4.00pm BST | at 4.00pm BST |