>> Wall Street took another nose dive Thursday, one day after suffering the biggest drop in months. The Dow has now shed over 1,300 points in just two sessions. The tech heavy NASDAQ at one point Thursday tumbling 10% from its August closing high. Falling into what is known on Wall Street as a correction.
Markets in Asia and Europe posted big losses as well, it's not just a rapid rise in market interest rates. And the US, China trade spat fueling investor angst, says Reuters Markets and Economics Editor, Dan Burns.>> All of the fundamental drivers that had been lifting this market through much of the last year, the tax cuts, the stock buybacks.
A lot of that fuel is beginning to run out, that's not coming, that's not a repeat act in 2019, it was a one and done type of event.
Without that to prop up the stock market, investors are looking for a safe place to hide. Gold traditionally plays that role, and saw its biggest jump in price in two years.
A tame inflation reading provided some investor comfort. The Federal Reserve won't have to speed up rate hikes in order to prevent the economy from overheating. But that didn't stop President Trump from continuing his verbal assault against the US Central Bank.>> I think the Fed is out of control, I think what they're doing is wrong.
I think the Fed is far too stringent, and they're making a mistake, and it's not right. And, despite that, we're doing very well, but it's not necessary, in my opinion, and I think I know about it better than they do.>> Investors hope the start of earning season will restore confidence in the market.
Big name banks such as JP Morgan Chase, Citigroup and Wells Fargo kick things off on Friday.