Economy

Dow closes 567 points higher after insane swings

Dow closes 567 points higher after insane swings”

As of 8:56 a.m. ET, Dow Futures were indicating an opening loss of 635 points, with the S&P 500 futures indicating a 58 point loss.

A measure of Wall Street volatility on Monday rose sharply, hitting its highest level since around the time of Britain's vote to exit from the European Union.

Both the S&P 500 and the Dow sank more than 4 percent on Monday, their biggest falls since August 2011, as concerns over rising United States interest rates and government bond yields hit record-high valuations of stocks. The spike in the VIX on Monday comes as the S&P 500 index was hitting its nadir, falling more than 5% since a peak on January 26, while the Dow Jones Industrial Average was off more than 460 points, or 1.8%, at 25,098.

The futures dip follows a rough night for global markets.

Those losses then spread to Asia, where Hong Kong's Hang Seng plunged 5.12% and Japan's Nikkei lost 4.73%.

The slide is widely seen as the result of traders worrying about future interest rate rises.

Although the stock selling began Friday after a stronger-than-expected report on wages sparked worries about a return of inflation to the USA, it extended into this week as a combination of computer-driven trading, withdrawals from popular exchange-traded funds, and margin calls on investors who had bought stocks with debt all contributed to selling.



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