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Wall Street selloff deepens amid Trump attacks on Fed

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NEW YORK (AFP) – US stocks dipped sharply in a volatile afternoon session on Thursday before paring losses in the final hour of trading amid President Donald Trump’s continued attacks on the central bank.

Near 1930 GMT, the Dow Jones Industrial Average was down 1.1 percent, or nearly 300 points, at 25,308.92, after earlier sinking below 25,000.

The broad-based S&P 500 had also slumped 1.1 percent to 2,752.95, while the tech-rich Nasdaq Composite Index fell 0.4 percent to 7,395.98, putting it on pace for its lowest close since May.
The levels marked a recovery from lows of moments earlier, when the Dow had fallen more than 600 points.

Some market watchers had predicted a bounce on Thursday after Wednesday’s pullback, Wall Street’s worst day since February.

Wall Street opened with modest gains after modest US inflation data. But it did not take long for volatility to return with a vengeance as major indices hit session lows in the final 90 minutes of the day.

Big losers in the Dow included JPMorgan Chase, Exxon Mobil, McDonald’s, Pfizer and Procter & Gamble. All fell at least two percent.

”When we have a recalibration in values, it’s not surprising that it takes more than one day,” said Art Hogan, chief market strategist at B. Riley FBR. ”In these kinds of moves, it usually takes three days to wash out.”

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