Wall St losses 'corrective' - Derek Rankin

Wall Street is down again on Friday morning after yesterday's major correction. Stocks have been swinging between small gains and sharp losses. Nervousness was climbing again by late morning, with the Standard & Poor's 500-stock index down more than 1 percent. That was on top of a 3.3 percent decline on Thursday. The jitters on Wall Street sparked big falls on other markets. The New Zealand stock market had one of its worst sessions in nearly two years with the NZX Top 50 index closing down 3.6 percent - it's fifth largest in history. Asian share markets were also down sharply on Thursday. To explain the reasons behind the worldwide drop is foreign exchange specialist Derek Rankin.