Global market panic fades as Wall Street stems bleeding

The Dow Jones Industrial Average rose 378.68 points, or 1.52 percent, to 25,291.45, the S&P 500 gained 32.48 points, or 1.21 percent, to 2,727.62 and the Nasdaq Composite added 54.36 points, or 0.76 percent, to 7,170.24.

Dow Jones Industrial Average opened 500 points down on Tuesday, a fall of nearly two percent from levels at closure on Monday, before recovering to a position of slight gains by noon local time (17:00 GMT).

Bullard said after Friday's jobs report showed surprising pickup in average hourly earnings, investors seemed to believe inflation would start to heat up and might force the US central bank to quicken policy changes instead of raising benchmark interest rates at a gradual pace, according to media reports.

Two days of steep losses have erased the market's gains from the start of this year and ended a period of record-setting calm for stocks. The Nasdaq closed up 2.1% and the S&P 500 rose 1.7%.

What, me worry?What all this means is that the next time you hear that the stock market has set a new record low, or even a record high, know that it only affects a small proportion of Americans. As markets buckled, the Cboe Volatility Index surged 124 percent to 38.8.

Bitcoin also declined sharply below $7,000 as the whole cryptocurrency market tumbled. The Dow's 777-point plunge in September 2008 was equivalent to 7 percent, far bigger than Monday's decline.

"I think sentiment was a little too optimistic... what was driving the market up in January?"

"You'll probably see a little bit of this volatility - my gut feeling tells me - probably for another couple of days, and then things will calm down somewhat", said Peter Costa, president of Empire Executions in NY.

U.S. Treasury prices fell before the Treasury Department was due to auction new 10-year notes.

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Global stock markets plunged on February 5, continuing the already precipitous decline from the week before.

Market pros say investors should expect more volatility in the days ahead as Wall Street adjusts to a changing investment landscape in which stronger economic growth may lead to higher inflation and interest rates.

The Dow fell about 100 points at the opening bell Wednesday before bouncing back for a 100-point gain.

Currency markets were steady, with the euro down 0.2 per cent at $1.2349 and the dollar 0.2 per cent lower at 109.36 yen. Higher rates, in turn, will make bonds and other fixed-income assets relatively more attractive compared with stocks, which are riskier, spelling the end of the 9-year-old bull market.

Japan's Nikkei 225 fell 4.7 per cent, which is its worst fall since November 2016 and taking the index is down to a four-month low. A drop of 10 percent from a peak is referred to on Wall Street as a "correction".

For many stock investors, the rout in markets is likely to have come as a bit of a shock or at least a timely reminder that share prices can go down as well as up. The stock market has smashed one record after another, gaining $8 trillion in value.

Similarly, J.P. Morgan said in a market commentary on Tuesday that while rates are moving higher, they remain at low levels compared to history. "Until the US stabilizes", he said.

Wall Street lost steam in afternoon trade, after U.S. 10-year Treasury yields rebounded to 2.836 per cent (their highest levels in four years). Gold, for example, was up 0.5 percent at $1,343 an ounce.

Minutes after the European markets opened, there were declines across most sectors. "It wasn't the fundamentals, as good as they were, it was excessive confidence", Bloomberg reported Brad McMillan, chief investment officer for Commonwealth Financial Network explaining. The NASDAQ dipped 273.42 points, or almost four percent.

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