Dow Jones falls by more than 1000 amid high interest scare


DowDuPont and Apple were the best-performing stocks in the Dow, advancing 3.4 percent and 4 percent, respectively.

The Nasdaq composite advanced 107.47 points, or 1.6 percent, to 6,981.96.

Following a slump into correction territory last week, the S&P 500 has recovered 3.2 percent in the past three session.

Worries about inflation set the market rout in motion last Friday, and many market watchers have been predicting a pullback after the market's relentless march higher over the past year.

The Dow Jones industrial average jumped 410.37 points, or 1.7 percent, to 24,601.27. Now stocks are down about 0.35 percent since the start of the year. The yield on 2-year government bonds also rose to 2.077%.

According to LPL Financial, it was the swiftest move from a record high to a correction in the history of the S&P 500. Technology companies and banks, some of the biggest winners on the market over the past year, are up the most.

US stocks moved sharply higher in early trading Friday, recouping some of the ground lost a day earlier when indexes plummeted, deepening a weeklong sell-off that knocked the market into a "correction" for the first time in two years.

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Of the 70 percent of the S&P 500 companies that have reported earnings, almost 78 percent of them topped profit expectations, according to Thomson Reuters data.

Twenty-First Century Fox picked up 66 cents, or 1.9 percent, to $36.40 after The Wall Street Journal reported that cable and internet provider Comcast is still interested in buying Fox's entertainment divisions and could make another offer.

The market slipped into a technical correction, down more than 10% from recent highs, as the Dow booked its worst weekly loss since February 2009, and the S&P 500's drop was its largest since May 2010. Chipmaker Applied Materials climbed 95 cents, or 2 per cent, to $49.03.

Oil futures dipped just below US$59 per barrel. "Nevertheless, the worst is likely not over for this week for the simple reason that we have U.S. CPI sitting as a mammoth event risk this week", said Pan, referring to the Wednesday release of U.S. consumer price index data for January.

Have You Added This Stock To Your Watch-List? Disney agreed to buy Fox's movie and television studios and some cable and worldwide TV businesses in December for about $52.4 billion in stock. The benchmark 10-year US note yield rose to a four-year high on Monday before trading at 2.858 percent. As a result, the investors have their eyes on the bond market regarding interest rates with the yields dipping during the morning trade, Tuesday. The futures on gold rose by 0.81% to 1,326.30 Dollars per ounce.

Germany's DAX jumped 1.4 percent while the CAC 40 in France and the British FTSE 100 both advanced 1.2 percent.