Markets tumble again

Dow drops more than 500

Chris Miller
October 11, 2018 - 3:46 pm

Wall Street tumbled for a second-straight session, as investors focussed on signs of slowing global growth and rising bond yields.

The Dow Jones Industrial average tumbled another 546 points to 25,052. The S&P 500 dropped 57. The Nasdaq composite slid another 93 points.

Oil prices suffered their biggest drop in two months today because of a big increase in U.S. oil inventories, rising crude production from OPEC, and broader-market moves away from riskier assets including crude oil. Benchmark November crude plunged $2.20, or three percent, to $70.97 a barrel -- a nearly three-week low.    

Is it time to fret about rising mortgage rates? The latest data from Freddie Mac show the average 30-year fixed rate is up to 4.9 percent, the highest average rate since 2011. Analysts say the real “pain threshold” for the housing market would be six percent fixed rates.

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