NEW YORK (Reuters) – U.S. stocks plunged anew on Thursday in another trading session with big swings, as equities remained in a tug-of-war with bond yields, volatility remained high, and investors failed to see a bottom of the market ahead.
The benchmark S&P 500 and the Dow industrials confirmed they were in correction territory, both falling more than 10 percent from their Jan. 26 record highs. The S&P 500 slumped 3.8 percent on Thursday, while the Dow dropped 4.2 percent as losses accelerated late in the trading day.
Thursday marked another day of sharp swings in recent sessions including the S&P 500′s biggest drop in more than six years that pulled equities away from record highs.
“The dust hasn’t settled yet, and I think both buyers and sellers are trying to figure out what this market really wants to do,” said Jonathan Corpina, senior managing partner for Meridian Equity Partners in New York.
“I would think that this continues to happen for the next few trading sessions for everything to kind of get flushed out.”
The Dow Jones Industrial Average <.DJI> fell 1,032.89 points, or 4.15 percent, to 23,860.46, the S&P 500 <.SPX> lost 100.66 points, or 3.75 percent, to 2,581 and the Nasdaq Composite <.IXIC> dropped 274.83 points, or 3.9 percent, to 6,777.16.
(Additional reporting by Chuck Mikolajczak and Sinead Carew in New York and Tanya Agrawal in Bengaluru; Editing by James Dalgleish and Chizu Nomiyama)