It see-sawed in early Friday trading, turning 1% higher but then reversing its gains to stand more than 1% lower.
It's the fourth ugly day in global markets. But it is the largest decline since the Dow lost 4.8 percent over two days in June 2016 from the Brexit vote, which triggered the United Kingdom's voluntary departure from the European Union. Most Asia indexes were positive overnight. Sectors leading gains on Friday included technology and real estate.
"There's going to be questions about whether that's tied in the minimum wage increases we've had in Ontario", Scott said.
Coupe said the volatility is coming about because investors are having difficulty deciding between stocks and bonds at the moment.
Bond prices didn't move much. "Now you have people moving portfolios around". The unemployment rate is at 4.1 percent, a 17-year low, and is expected to further decline to 3.9 percent for the next two years. Energy companies also posted steep losses as crude prices also slumped, sending the price of oil below $60 a barrel for the first time this year.
The jitters have been driven by the rapid rise in 10-year Treasury yields.
That concern has prompted the pullback from stocks. Bond yields are rising as the Federal Reserve trims its USA bond holdings. This week's Treasury auctions have underwhelmed, raising the possibility that the debt selloff could steepen.
Super Bowl LII TV ratings were lowest since 2009
No other network approached NBC's dominance among adults 18-49 on Tuesday night , though CBS did top out among total viewers. Some perspective: despite the decrease, Sunday's game ranked as the 10th most-watched television even in USA history.
Thursday's fluctuations came despite good economic news. Cardinal Health and Tyson Foods also beat market expectations. Almost 80 percent of companies that have reported so far this earnings season have suprised analysts to the upside.
"The U.S. economy is on solid foundation", said ClearBridge's Schulze. And if you were adjust that figure for inflation, that would still only amount to around $1.1 trillion in today's dollars. So, things could get ugly really quick, he said. It is also an indication that inflation was rising. Corporate earnings continue to grow amid a strengthening global economy. "It will likely be necessary to raise interest rates somewhat earlier and to a somewhat greater extent than we had thought", he said.
A key trigger of the stocks pullback was a strong USA jobs report a week ago that also showed rising U.S. wage growth, fuelling speculation the Federal Reserve will lift rates more than the three times already forecast this year.
The ferocity of the selling has caught investors off guard.
"I guess a crash is a bear market on speed", is how Letts defined it.
The Dow climbed 330 points on Friday in another extremely turbulent day of trading.
According to reports, fears about the bond market, inflation and interest rates seized investors again and drove the Dow, the Standard & Poor's 500 and the Nasdaq all into the red for the year.