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Wall Street regains ground after losses US stock markets extend sharp falls
(about 3 hours later)
US stock indexes have regained ground after a sharp decline at the opening, helping to calm global markets. US shares have plunged following a brief respite in a day of volatile trading that has rattled global markets.
Investors were returning after sharp losses for US shares on Friday, when the benchmark Dow Jones lost 2.5%, its biggest drop since June 2016. The Dow Jones Industrial Average led the fallers, down 1.68% or 427.58 points to 25,093.38.
It was closely followed by the wider S&P 500 stock index and the technology-heavy Nasdaq.
The falls began on Friday when strong wage growth data raised the prospect of accelerated interest rate rises.
London's main share index, the FTSE 100, closed down 1.46% while earlier, the biggest markets in Asia fell between 1% and 2.5%.
The decline followed months of market increases, which had fuelled concerns that share prices were over valued.The decline followed months of market increases, which had fuelled concerns that share prices were over valued.
Technology stocks helped lead markets higher. Intel, Apple and Microsoft were the top three gainers on the Dow. David Madden, market analyst at CMC Markets, said: "Equity traders were enjoying a bullish run recently, and the jolt from the major decline in the US last Friday has triggered a worldwide round of profit taking."
After a sharp early loss the Dow recovered to trade just slightly lower, the broader S&P 500 also had modest losses and the technology focused Nasdaq Composite was slightly higher. US shares suffer sharpest drop since 2016
London's main share index, the FTSE 100, was down 1% at mid-afternoon, also regaining ground after early falls.
Earlier, the biggest markets in Asia fell between 1% and 2.5%.
Strong wage growth on Friday had spooked investors, by raising the possibility of an accelerated pace of interest rate rises.
Any fall in shares has to be put into the context of some very good years for investors.
The Dow Jones rose more than 25% in 2017 - a year which was also unusual for its lack of sharp moves.The Dow Jones rose more than 25% in 2017 - a year which was also unusual for its lack of sharp moves.
"There is going to be more volatility this year, " Andrew Wilson chief executive of Goldman Sachs Asset Management, told the BBC."There is going to be more volatility this year, " Andrew Wilson chief executive of Goldman Sachs Asset Management, told the BBC.
"We are in a cycle where central banks are reducing the amount of bonds they are buying and some central banks putting up interest rates," he said."We are in a cycle where central banks are reducing the amount of bonds they are buying and some central banks putting up interest rates," he said.
On Friday there was a hefty 4% loss for shares in Apple, which had been one of the markets' star performers in recent years.On Friday there was a hefty 4% loss for shares in Apple, which had been one of the markets' star performers in recent years.
That selling came despite a solid trading update from the company.That selling came despite a solid trading update from the company.