Still down and out.
After a robust start, US stocks have seen their gains evaporate and are trading firmly in the red by midday trade.
With less than four hours to go before the closing bell, the S&P 500 is down 1.3 per cent at 2,546.57, taking the index’s weekly loss to 7.8 per cent and putting it on course for its worst week in over nine-years.
The Dow Jones Industrial Average is not faring much better, down 1.5 per cent at 23,495 for the day and 8 per cent for the week. If it ends at this level, it would sustain its biggest weekly loss since October 2008.
The Nasdaq Composite followed the other two indices into correction territory after it shed 1.9 per cent to 6,651.12. That puts it on course for its biggest weekly decline since November 2008 with a 8.1 per cent loss.
The risk off sentiment has helped boost Treasuries however. Yield on the 10-year note, which moves inversely to price, is down 4 basis points at 2.8077 per cent.
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