NZ shares drop 1.5% as Wall Street closes in correction territory

Thu, 08 Feb 2018

By Sophie Boot Feb. 9 (BusinessDesk) - New Zealand shares dropped this morning as US markets enter correction territory, where stocks fall more than 10 percent from a peak, as the prospect of higher interest rates prompts investors to rethink their strategies. The S&P/NZX50 fell 121.9 points, or 1.5 percent, to 8,055.24 as at 10.30am, on turnover of $39 million. New Zealand's market is the first to open in the world, and follows a lower close on Wall Street, with the Dow Jones Industrial Average down 4.2 percent and the Nasdaq 100 dro...

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