Dow Jones tumbles 1,032 pts
TSX down 264 pts
US markets into correction territory
US benchmarks crashed lower on Thursday, with the Dow Jones finishing down 1,032 points at 23,860 - below the 24,000 level.
It's the second time this week it has fallen over 1,000 points.
The broader S&P 500 also tanked lower - finishing at 2,581- down around 100 points, or 3.75%.
The Nasdaq dropped 274 points at 6,777.
In Toronto, the TSX was down over 264 points at 15,065.
US crude was down 2.17% to US$60.44 a barrel.
MID-SESSION
The US stock market slump continued, with the Dow Jones tumbling 587 points at 24,305 at the time of writing.
The S&P 500 is off around 50 points at 2,631, while the tech heavy Nasdaq index shed 149 points at 6,902.
US crude - West Texas Intermediate - is off 1.57% to US$60.83 a barrel.
In Toronto, the TSX fell over 191 points at 15,139.
In stocks, Viacom Inc (NYSE:VIAB) was a notable gainer, up 7.93% to US$32.94, despite its fourth quarter revenues falling as it was hit by heavy declines in film and theatre income.
First quarter sales dropped to US$3.07bn, down from US$3.32bn, in the three months to December as film and theatre went down by 28% and 48% respectively, due to the number and mix of current quarter releases.
OPEN
US markets continued to be volatile Thursday morning as the Dow Jones Industrial Average slumped about 205 points in the opening hour of trading to 24,687. The benchmark S&P 500 and tech-heavy Nasdaq also snapped lower out of the gate.
Overseas, London’s FTSE 100 gave up about 1% in intraday trading to 7,206 while the British pound moved up to 1.403 vs. the US dollar.
Twitter Inc.’s (NYSE:TWTR) shares soared about 24% on the social media company’s first-ever quarterly profit since going public in 2013.
Twitter is suddenly making money and Wall Street likes it a whole lot https://t.co/0zMheuqagk pic.twitter.com/AcTg6yBphg
— Steve Dotto (@dottotech) 8 February 2018
Tesla Inc. (NASDAQ:TSLA) shares were lower in morning trading after the electric car maker reported a huge fourth-quarter loss late Wednesday.
Finally, the number of Americans filing for unemployment benefits fell last week to 221,000, which was well below expectations of 235,000 new claims. According to the U.S. Labor Department, the four-week average of 224,500 new claims is the lowest level it’s been in 45 years.