Monday 21 August 2017

US stocks continue to slump as Chinese shares plunge

US stocks continue to slump as Chinese shares plunge
US stocks continue to slump as Chinese shares plunge
Independent.ie Newsdesk

Independent.ie Newsdesk

Stocks fell broadly around the globe on Monday, a reaction to a steep drop in the Chinese market overnight.

The losses follow declines in US markets last week, when the three major indexes fell between 2% to 3% each. Global economic growth concerns remain the main focus for investors.

Faced with a drop in stock prices in Asia, Europe and the US, investors moved into traditional safe havens. The yield on the 10-year US Treasury note fell to 2.22% from 2.26% on Friday. The price of gold rose 1%. Dividend-heavy stocks, like utilities, also gained.

"There remain very few buyers out there and there are some growing concerns that we're looking at a slowdown in global economic growth," said Sean Lynch, co-head of global equity strategy with the Wells Fargo Investment Institute.

The Dow Jones industrial average lost 127.94 points, or 0.7%, to 17,440.59. The Standard & Poor's 500 index lost 12.01 points, or 0.6%, to 2,067.64 and the Nasdaq composite lost 48.85 points, or 1%t, to 5,039.78.

It was the fifth straight loss for the US market.

Press Association

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