Trump calls U.S. stock sell-off 'a correction'

President Trump speaks to reporters while departing for travel to Iowa from the White House in Washington

"My assumption for the policy rate is that we can achieve our objective of keeping inflation to the 2 percent symmetric objective and the unemployment rate slowly rising back towards its sustainable rate with that stance of funds rate - but if we need more, we'll do more", he said.

The U.S. equities turbulence roiled through Asian markets early on Thursday, with the benchmarks from Tokyo to Hong Kong seeing declines in excess of 3 percent.

The biggest driver for the market over the last week has been interest rates, which began spurting higher following several encouraging reports on the economy.

The steep drop in Asia followed a decline on Wall Street of almost 830 points, the biggest fall since February, amid Trump's latest criticism of the Federal Reserve, the United States central bank.

"I won't let a stock market move on its own reshape my view of the economy", Bostic said.

"A lot of people were concerned when the QEs were done whether the Fed would ever be able to downsize and I think the market has handled the supply very well, ' Mnuchin said".

On Friday, federal data showed that the US jobless rate fell to 3.7 percent in September, its lowest point since 1969. "It's all about investors rethinking their exposure to stocks". He has repeatedly criticised the central bank for raising interest rates this year, decisions aimed at preventing the economy from overheating. "The Fed has gone insane". "But I really disagree with what the Fed is doing, OK?"

India defies USA , buying Iranian oil despite sanctions
Saudi Arabia had previously claimed it had successfully replaced Iranian crude oil supplies lost through U.S. sanctions. India is the world's third-largest oil importer, and Iran's second-biggest oil customer after China.

Ivan Feinseth, Chief Investment Officer at Tigress Financial Partners, said that although the sell-off caught him off-guard, he thought many investors were unduly frightened by the prospect of rising rates.

Trump's remarks, almost unprecedented for a USA leader, may roil markets further in retreat on the heels of hefty tariffs imposed on aluminum and steel imports from much of the world, and about half of US imports from China. "The Fed will stay on a measured pace".

"I stood on the floor in the crash of '87, so this is nothing", Benedict said. The Nasdaq fell 315 points, or 4.1 percent, to 7,422.

Sears nosedived after the Wall Street Journal reported that the struggling retailer hired an advisory firm to prepare a bankruptcy filing that could come within days.

The 10-year yield is now 3.20 percent, the highest in than seven years and up sharply form 2.82 percent in late August.

Sears has closed hundreds of stores and sold several famous brands or put them on the block as it sees more customers abandon its stores. Tiffany plunged 10.2 percent to $110.38 and Ralph Lauren fell 8.4 percent to $116.96.

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