A rebound that took
the Dow Jones Industrial Average up more than 440 points disappeared as
traders said trepidation over what will happen in China’s market made
holding on to stocks too risky for most investors.
The 30-stock index
slid 1.3 percent to 15,665.77 at 4 p.m. in New York, down 4 percent from
its highest point. The peak-to-trough retreat matched Monday’s selloff,
when concern about global growth ignited the worst selloff in four
years. The Standard & Poor’s 500 Index went from up 2.9 percent to
down 1.4 percent, with most of the selling concentrated in the final two
hours of trading.
The unwinding
disappointed bulls who earlier in the day staked hopes on China’s
efforts to inject stimulus into its economy. The central bank today cut
interest rates for the fifth time since November and lowered the amount
of cash banks must set aside in an attempt to stem the country’s biggest
stock market rout since 1996 and a deepening economic slowdown.
Source : Bloomberg
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