NEW YORK — The stock market hasn’t been this dizzying in years, and investors may need to get used to it.The S&P 500 slid 4.6 per cent this past week as worries piled up about the economy’s strength, global trade and interest rates. It was a whiplash-inducing reversal from the prior week, when the S&P 500 jumped 4.8 per cent. The last time investors experienced such a big swing in stock prices between two weeks was in late 2011.It’s the latest gyration for a market that’s become increasingly twitchy, as investors try to make sense of big questions that don’t yet have clear answers for. Will tariffs derail the global economy and sink profits for businesses around the world? Will the Federal Reserve raise U.S. interest rates too quickly and choke off growth?Many Wall Street strategists see more volatility on the horizon.“What we have experienced in 2018 and most acutely since October is, unfortunately, more normal than not,” said Katie Nixon, chief investment officer at Northern Trust Wealth Management.With economic growth expected to slow and interest rates expected to rise, many along Wall Street are forecasting 2019 will be a rocky year for stocks. “The end of easy” is the title that Wells Fargo Investment Institute gave for its 2019 investment outlook.Easy, for investors, is what the stock market had been for most of its run that began in the spring of 2009. For most of the past decade, the Federal Reserve kept interest rates extremely low to promote economic growth following the 2008 financial crisis and the Great Recession. That helped keep borrowing costs down and lift all kinds of markets.But now the Fed is gradually raising interest rates. It has increased short-term rates eight times since 2015, and economists expect another hike to come later this month. Those higher rates — and expectations for more — have been one catalyst for recent selling.Worries about trade tensions between the United States and China have also driven big swings for stocks, in both directions. At the start of this past week, stocks jumped on hopes that the two countries had brokered a truce. But those gains evaporated as investors grew confused about what the two sides had actually agreed upon.“We started up sharply because we thought we had a deal with China and we ended at the lows for the day,” said Lindsey Bell, investment strategist at CFRA Research. “That tells me people are using days where we see some green to sell out of positions into the strength, and that’s pulling the market lower. The sentiment in the market is extremely negative.”The current skid for stocks is the third big swoon for the markets this year. The first was a dramatic downturn in late January and early February, when the S&P 500 lost 10 per cent in just nine days. That was followed by a less severe stumble in March.But the middle of this year was placid, which raised hopes for a return to a smoother ride. Between late June and early October, the market didn’t rise or fall as much as 1 per cent in a single day. That was similar to the scenario in 2017, when the market drifted gradually higher and finished up 19.4 per cent.Soaring corporate profits, fueled by sweeping corporate tax cuts, powered the market’s recovery this spring and summer. S&P 500 companies delivered second-quarter earnings growth of 25 per cent, well ahead of forecasts. That helped send the S&P 500 to a new all-time high in September, erasing the losses from its correction in February.But now doubts are emerging that a similar surge in earnings growth will rally markets out of their latest skid. S&P 500 companies delivered yet another blockbuster quarter of earnings growth for the third quarter, but the reports have not lifted stocks.All the gyrations are yet another reminder to investors that the downside to owning stocks, which have had the best results over the long term, is that they’re risky and prone to sudden drops in price.“We accept volatility as the cost of doing business,” Nixon said, “and we anticipate over time that we will be compensated for taking the extra risk.”___AP Business Writers Marley Jay in New York and Alex Veiga in Los Angeles contributed to this report.Stan Choe, The Associated Press
The leaders of two of Somalia’s semi-autonomous regions that clashed over a border dispute last week today adopted a three-point plan to ensure better communication and cooperation in addressing common threats, the United Nations political office for the country said. The agreement between Mohamed Ahmed Alin, the President of the Galmudug state and his Puntland counterpart Abdirahman Mohamed Mohamud “Farole” was signed on the sidelines of the Consultative Meeting for Ending the Transition in Somalia, which got under way in the capital, Mogadishu, yesterday. “I am most gratified that the United Nations was able to bring the parties together in the margins of the consultative meeting and that they decided, in a spirit of brotherly reconciliation, to ensure that the peace process goes forward,” said Augustine Mahiga, the Secretary-General’s Special Representative for Somalia, who is facilitating the three-day meeting. Mr. Alin and Mr. Mohamud agreed to establish and maintain direct communication at the highest level, address future issues in a cooperative manner, and recognize that they face a common threat from insurgent groups. “Puntland and Galmudug are on Somalia’s front lines in the ongoing fight against violent extremists that increasingly are relying on terror tactics to try and disrupt the peace process. “As we work together at this important conference to adopt a road map for ending the transitional period in Somalia, I am most encouraged that the two leaders showed such statesmanship in agreeing to work together to resolve their differences peacefully. The UN continues to stand ready to assist,” said Dr. Mahiga. According to media reports, up to 30 people were killed and scores wounded when forces of the two self-declared autonomous regions clashed last week over where the border lies in the town of Galkayo. The pact was signed in the presence of Sharif Hassan Sheikh Adan, the Speaker of the Transitional Federal Parliament, the Prime Minister of the Transitional Federal Government Abdiweli Mohamed Ali, and a number of ministers and other high-ranking officials. 5 September 2011The leaders of two of Somalia’s semi-autonomous regions that clashed over a border dispute last week today adopted a three-point plan to ensure better communication and cooperation in addressing common threats, the United Nations political office for the country said.
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0Shares0000Brazil fans cheer on Nikolskaya street in Moscow which has become the scene of a daily street party © AFP / Vasily MAXIMOVMOSCOW, Russian Federation, Jun 27 – Hooligans have been conspicuously absent from the World Cup and Russia’s sense of vindication is palpable.The beating muscle-bound Russian thugs inflicted on England supporters in France during Euro 2016 was still a major talking point in the run-up to the biggest event in sport. Violence became a leitmotif of British and the broader media’s coverage and a foil used by critics of President Vladimir Putin’s rule.Few things insensed Moscow more than another retelling of the chairs thrown and punches landed in Marseille.Now the group stage of matches is over and little has disturbed the peace besides the all-night singing of happy fans in the streets.Some things have gone wrong.Russian hooligans clashed with England fans in Marseille during Euro 2016 © AFP / LEON NEALArgentina got fined after its supporters pounced on a Croatia rival and kicked him while he was down in Nizhny Novgorod Stadium.Three England fans were banned for performing an anti-Semitic song in a Volgograd pub.And several female TV reporters have been groped and sexually harassed while doing their job.But the host nation has emerged largely unblemished and the naysayers are being proven wrong.This is Russia’s “told you so” moment — and state media are relishing every minute of it.“The British press used ‘those scary Russians’ to frighten its fans so much ahead of the World Cup that most of them decided to stay home,” Channel One television said in a typical evening news broadcast.“Now it looks like the fans who did come are no longer reading the English papers.”Vesti television said all the good news coming out of Russia “is probably especially difficult for Western politicians to hear.”– Carrots and sticks –Plenty of European media had actually stopped predicting a World Cup bloodbath by the final months of preparations.Security experts say hooligans may flex their muscle again when the police presence relaxes after the World Cup © AFP / Mladen ANTONOVVarious hooligans told Western reporters that the Kremlin had been using a carrot-and-stick approach to ensure Russia was not embarrassed with the world watching.The feared FSB security service locked up several hooligan leaders to signal they meant business after decades of doing little to counter football fights.Others were interrogated in night raids on their apartments and given two options: either vanish for the duration of the World Cup or face years in jail for the most minor offence.“From what they told me, Russian fans never intended to start anything during the World Cup,” said Moscow Echo radio sports commentator Alexei Durnovo.Security analysts said the bigger danger is probably coming from supporters of other teams with flourishing football underworlds.Experts said these include countries in the Balkans and the traditional powerhouse Germany. England is always a menace and the Nordic states are starting to make noise of their own.Russia says it is managing to avert violence by deploying a so-called Fan ID system that requires each ticket holder to undergo a security background check.Those who passed are only allowed stadium entry with a card featuring their photo and a personal identity chip.“There is little question that the Fan ID system has played its role,” said independent Russian security analyst Alexander Golts.Less certain is what happens to the Russian hooligan culture once all the tourists clear out and the much less glamorous domestic football season kicks off in September.Russian hooliganism monitor Robert Ustian said authorities were all but certain to relax the rules because they had been collaborating with far-right movements for years.The “firms” that hooligan leaders run are highly hierarchical and can be mobilised at any moment should the Kremlin require a show of support on the streets.“Let’s ask ourselves why Russia can’t always be like it is during the World Cup,” said Ustian.0Shares0000(Visited 2 times, 1 visits today)