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D O W Crash


kakatiya

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U.S. markets tumbled more than 5% this week as worries mounted over the state of the global economy.

The S&P 500 plummeted 64.7 points, or 3.2%, on Friday, capping a painful week that saw the broad-market barometer shed 5.8%. Meanwhile, the Dow Jones Industrial average dropped 530.8 points, or 3.1% on the day. It was the steepest drop since August 2011 for the blue-chip average. Meanwhile, the Nasdaq Composite dropped 171.5 points, or 3.5%. All three major benchmarks are now in the red for 2015.

The selloff wiped out some $1.3 trillion in U.S. market value since Tuesday morning, according to a calculation by Yahoo Finance using the Dow Jones U.S. Total Market Index.

"Investors have been provided with a relentless string of global data points that speak to a massive transition to 'risk-off,'" said Peter Kenny, chief market strategist at Clearpool Group.

U.S. traders were greeted Friday with a round of data indicating China's vast factory sector may have contracted at the swiftest pace in six-and-a-half years in August. This comes as the government there has taken unprecedented steps to prop up the world's second biggest economy. Indeed, last week, the People's Bank of China sharply depreciated the yuan, a move some observers said was aimed at boosting exports.

The yuan devaluation also ignited concerns that a new currency war could b

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