Monday 5 December 2016

US stocks continue to slump as Chinese shares plunge

Published 27/07/2015 | 23:05

US stocks continue to slump as Chinese shares plunge
US stocks continue to slump as Chinese shares plunge

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

  • Go To

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

Read More

Promoted articles

Editors Choice

Also in Business