U.S. stocks rebound after heavy sell-off

People walk on Wall St. in front of the NYSE in New York

The Russell 2000 index of smaller-company stocks rose 14.04 points, or 1 percent, to 1,477.84. And the tech-heavy Nasdaq ended ahead, too, gaining 97.3 points, or 1.44 percent, to close at 6,874. At its height, the Dow around 500 points into positive territory, a thousand points up from its low.

In the end, the S&P 500 sank 3.8%, taking its rout since a January 26 record beyond 10%, a move that meets the accepted definition of a correction.

This could be the worst week for stocks since the financial crisis. Other automated trading programs, which sell stocks when volatility rises, may have also contributed, among others. The bearish sentiment came before Thursday's dramatic 1,000 fall on the Dow. Microsoft lost 2.3 percent. The Shanghai Composite Index tumbled 5.5 percent before ending the day down 4 percent at 3,129.85.

Nicholas Colas, co-founder of DataTrek Research, doesn't think the sell-off will end until bond yields fall sharply. Ten-year Treasury yields fluctuated near their four-year highs, while the yen found traction as a haven from the stock turmoil.

Dow's and S&P 500's latest drops are more than 10% from their peaks on January 26, which constitutes a market correction.

In Toronto, the S&P/TSX composite index was down 31.08 points or 0.21 per cent to 15,034.53, after losing almost 280 points and gaining more than 45 points throughout the day. It was up as much as 349 in early trading. Britain's FTSE 100 fell 0.4 percent Friday to 7,141 points, while Germany's DAX was flat at 12,262 and France's CAC 40 declined 0.3 percent to 5,136. The Nasdaq was down 125 points, or 1.8 percent, to 6,651.

Bond prices also fell. Britain's 10-year yield climbed seven basis points to 1.617%, the biggest surge in five weeks.

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The Standard & Poor's 500 index slipped 2 points, or 0.1 percent, to 2,679.

The Toronto Stock Exchange's S&P/TSX composite index closed down 31.15 points, or 0.21 per cent, to 15,034.46.

The Canadian dollar tends to move on several types of data - particularly commodity prices, which also saw their fortunes reversed this week by the heightened levels of volatility in the market place. The yield on the 10-year Treasury note was unchanged at 2.83 percent.

On Thursday, stocks fell another 4 percent, adding to the concerns that a deeper correction is in motion for Wall Street.

Earlier, the Dow Jones Industrial Average fell by more than 1,000 points for the second time this week.

Corrections are seen as entirely normal occurrences, and the market, now in its second-longest bull run of all time, hasn't seen one in two years, an unusually long time. Amazon rose 2.2 percent.

Today, the Dow dipped below 24,000 for the first time since November. The VIX was above 33 Friday morning leading into the opening bell.

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