U.S. stocks extended
their three-month lows, with the Dow Jones Industrial Average dropping
more than 390 points to post its biggest two-day drop since August, amid
a China-led rout that continued to engulf markets around the globe.
The Standard &
Poor’s 500 Index slid 2.4 percent to 1,943.09 at 4 p.m. in New York,
falling to its lowest since Oct. 1 in the worst start to a year in data
going back to 1928.
Equity markets
worldwide tumbled after Chinese stock exchanges closed less than a half
hour after opening, as a more than 7 percent plunge triggered a
market-wide halt for the second time this week. China’s securities
regulator has since suspended a new stock circuit-breaker that caused
the halts.
A flight from risky
assets in the first week of the new year has wiped $2.5 trillion from
global equities, made worse by China’s central bank cutting its yuan
reference rate for an eighth straight day. China’s tolerance for a
weaker yuan is being seen as evidence policy makers are struggling to
revive an economy that’s the world’s biggest consumer of energy, metals
and grains.
Source : Bloomberg
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