Dow Jones drops 832 points in third worst drop in history

The Dow Jones Industrial Average was down by more than 600 points at one point on Wednesday

Apple and Amazon both had their worst day in two and a half years.

Technology stocks, the biggest winners in the market over the past year, took some of the worst losses.

Stock markets around the world are taking a hammering on Thursday as rising fears about global economic growth and ongoing trade tensions continue to rattle investor confidence. Earnings season should improve investors' moods through the end of the year, he writes, with a cycle peak in 2020 and the next major low not due until 2020.

The pullback - particularly for tech stocks - is needed, argued Joe Heider, president of Cirrus Wealth Management. That was its worst drop in eight months. The S&P 500 closed at 2,785.68, down 94.66 points or 3.3 percent.

In Canada, the S&P/TSX composite index was down 238.87 points or 1.51 per cent, to 15,615.18. It's fallen 7.5 percent in just five days.

The Dow ended down 831 points, or 3.1%, at 25,598.

The S&P 500 fell nearly 92 points, or just over 3 percent, the biggest daily loss since February this year.

But it was the rout across the Atlantic (Shanghai: 600558.SS - news) that proved even more eye-catching with the rise in US Treasury bond yields to seven-year highs seen as a key factor. Stocks had come close to big drops in the last few days, but each time they recovered some of their losses.

US stocks plunged to their worst loss in eight months on Wednesday as technology companies continued to drop. Microsoft gave up 3.3 per cent.

Investors may want to shift out of momentum and into more defensive stocks - companies that aren't as expensive and also pay healthy, stable dividends.

Scientists have uncovered an incredible secret satellites of Jupiter
Jupiter's moon Europa has always been a major target for exploration because it harbors a salty water ocean beneath its icy crust. Scientists from the University of Cardiff say shards of ice up to 15m (50ft) high could be dotted all over the moon's surface.

The tech sector was hit hardest, with Netflix down almost 7 per cent, Amazon down 5 per cent and Apple, Google and Facebook all down more than 3 per cent. Berkshire Hathaway dipped 4.7 percent to $213.10 and reinsurer Everest Re slid 5.1 percent to $217.73.

Luxury stocks were another casualty of worries of slowing China demand, sparked by LVMH's results.

The Aussie is buying 70.73 USA cents, up from 70.13 United States cents at Wednesday's close.

"The stock market in the USA has started to take notice, and will continue to, particularly if the speed at which rates rise becomes alarming", Jeffrey Gundlach, chief executive of Doubleline Capital, told Reuters last week.

Stocks are extending their slump on Wall Street, led by drops in big technology companies, as rising bond yields draw investors out of stocks.

But a recent International Monetary Fund warning on global growth taking a hit from trade disputes has hit confidence in the stock market, as has US Treasury yields at more than 7-year highs, signalling a tightening of capital globally. It was at just 3.05 percent early last week and 2.82 percent in late August.

Bond prices fell. The yield on the 10-year Treasury rose to 3.23 percent.

"Amazon recently announced they were increasing wages, Facebook is spending a ton on security", she said.

Sears Holdings plunged 37 percent after the Wall Street Journal reported that the struggling retailer is preparing a bankruptcy filing. The stock fell 16.8 percent to 49 cents. It was the first stock market correction of more than 10% in four years, according to USA Today.

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