U.S.
stocks tumbled to start 2016, as a rout in Chinese equities renewed
concern that an economic slowdown there will damp global growth.
Investors
returning to the market after the New Year holiday faced a worldwide
selloff sparked by weak factory data in China, while a reading that
showed the fastest contraction in U.S. manufacturing in six years
bolstered anxiety that slowing growth in the world’s second-largest
economy is spreading. A flareup in tension between Saudi Arabia and Iran
added to the unease.
The
Standard & Poor’s 500 Index fell 1.5 percent to 2,012.98 at 4 p.m.
in New York, after sliding as much as 2.7 percent, for its worst start
to a year since 2001.
Trading
was halted in China after a 7 percent drop in the CSI 300 Index of
large-capitalization companies listed in Shanghai and Shenzhen amid
deteriorating manufacturing data. Chinese policy makers, who went to
unprecedented lengths to prop up stock prices during a summer rout, are
trying to prevent financial-market volatility from weighing on economy
set to grow at its weakest annual pace since 1990.
Source : Bloomberg
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