Stocks dive late, snapping 10-month winning streak

Specialist Meric Greenbaum works on the floor of the New York exchange. Stocks fell sharply last month

YIELDS: The yield on the 10-year Treasury note dipped to 2.83 percent from 2.86 percent late Wednesday. Some traders took that as a signal that the Fed may raise rates more quickly than expected.

In Canada, the S&P/TSX composite index was down 48.73 points to 15,393.95 in a largely broad-based decline.

"It's helping about a dozen stocks in those industries but has raised the specter of trade wars, and trade wars don't help the stock market".

The fall was largely driven by new Federal Reserve Chairman Jerome Powell's unexpectedly hawkish tone on Tuesday where he presented an upbeat picture of the United States economy, opening up the option for more than three rate rises this year as inflation moves "up to target".

Out of 500 stocks in the S&P index, 427 (85 per cent) ended their day with losses. It raised rates three times last year, and investors are debating whether it will add another three or four increases this year. The broad-based S&P 500 shed 1.7 percent to 2,667.39, while the tech-rich Nasdaq Composite Index fell 1.8 percent to 7,140.94.

The S&P industrial.SPLRCI fell 0.88 percent, with sharesof BoeingBA.N and Caterpillar dipping more than 1.6 percent.

SEC CALLING: Overstock.com dropped 5 percent after the online retailer disclosed in a regulatory filing that the Securities and Exchange Commission asked the company last month for information about a $250 million offering by its blockchain subsidiary, tZero, related to digital tokens.

Virginia mom mysteriously disappears from front yard; young children found home alone
John, and put out an appeal for information on social media which they said helped lead them to the tragic discovery on Thursday. John vanished from her driveway around 7:30 Tuesday morning, apparently as she was getting ready to take her kids to day care.

Booking Holdings Inc (BKNG.O), formerly known as Priceline, rose 6.8 percent after reporting upbeat quarterly profit, helped by higher hotel bookings, while off-price apparel seller TJX (TJX.N) jumped 6.9 percent after posting upbeat same-store sales.

"The [Federal Open Market Committee] will continue to strike a balance between avoiding an overheating economy and bringing ... price inflation to 2 per cent on a sustained basis", Mr Powell said.

Patterson Companies fell to the biggest loss in the S&P 500 after it reported weaker earnings for the latest quarter than analysts expected and said that its chief financial officer was leaving.

The Dow was down 470 points, or 1.9 percent, at 24,554. In Asia, Japan's Nikkei 225 plunged 2.5 per cent, the Hang Seng in Hong Kong fell 1.5 per cent and South Korea's Kospi dropped 1 per cent. The Nasdaq fell 12 points, or 0.2 percent, to 7,260. Brent crude, the worldwide standard, rose 54 cents to $64.37 a barrel.

Market anxiety has also eased, with CBOE's volatility index (VIX) falling 1.3 per cent to 16.28.

It has also fallen against the British pound (-0.4pc), euro (-0.2pc) and Japanese yen (-0.5pc).

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