United States stocks tumbled Friday as a technology rout rattled markets around the world, days after concerns about rising rates and the prospect of slowing global economic growth had wiped out Wall Street's gains for the year.
USA stocks plunged on Friday as grim earnings reports from Amazon and Alphabet rekindled a rush to dump technology and high-growth stocks, but data showing economic growth in the last quarter slowed less than expected provided some relief.
In addition to the Dow's plunge, the S&P 500 fell 3 percent, also turning negative for the year, and the Nasdaq Composite fell by 4.4 percent.
The Dow Jones Industrial Average dropped 296.24 points, or 1.2 percent, to 24,688.31.
3M Co slid 4.4 percent after cutting its full-year profit outlook due to foreign currency-related challenges. Google-owner Alphabet was down 5.5 per cent at one point after it too missed analyst estimates on revenue growth.
During the session, the benchmark S&P 500 fell more than 10 per cent from its September 20 record closing high, but pared losses to end above that level.
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Friday saw the American stock market collapse with the S&P 500, Nasdaq Composite Index and Dow Jones all collapsing massively.
This caused the tech-heavy Nasdaq index to plummet by 4.4 per cent.
The benchmark S&P 500 index in the United States is down more than 1.5%, falling nearly 10% from its peak set earlier in October.
Commodities: Brent crude -1.2pc at $US75.51/barrel, spot gold +0.2pc $US1,232.43/ounce, iron ore +0.6pc at $US74.73/tonne.
Amazon tumbled 8.7 percent after it missed quarterly sales estimates and gave a below par holiday-season sales forecast, sparking a 3.07-percent plunge in the S&P consumer discretionary sector.
Technology stocks and media and communications companies accounted for much of the selling. Britain's FTSE 100 was flat at 6,960, underperforming after poor earnings from ad giant WPP.
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HIGH FLYER: Boeing rose 2.3 percent to $358.03 after the defense contractor's latest quarterly results topped analysts' forecasts. The Dow Jones Industrial Average fell more than 300 points in trading Friday, while the S&P 500 dropped almost 2 percent and entered correction territory. Bond prices continued to rise, sending yields lower. That's just shy of what Wall Street calls a "correction", or a drop of 10 percent or more from a peak.
Energy stocks declined despite the pickup in US oil prices.
Futures markets are pointing to falls of more than 2% on the ASX today. The Chinese yuan fell to 6.9641 against the greenback, flirting with its weakest point in almost a decade.
MARKETS OVERSEAS: Major European stock indexes fell.
Bond prices rose. The yield on the 10-year Treasury note fell to 3.13 percent. The Kospi in South Korea dropped 1.6 percent. Brent crude, the benchmark for worldwide oil prices, dropped 0.5 per cent to $76.52 a barrel in London. The Hang Seng Index in Hong Kong was down more than 3%, while the Nikkei 225 fell 2.65%.
The dollar rose to 112.27 yen from 112.23 yen.
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