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China Stock Market Crashes Dow Jones Loses 100 Points First Hour! Dow down, U.S. Oil Nears $47 Post-China Slide
27 July 15
And the global crash inches closeer and closer. Have you taken precaustions?
Stocks are falling Monday after the Shanghai Composite plunged 8.5% and Europe benchmarks got hammered.
The U.S. stock market is kicking off the new week on a rocky note as investors react to the biggest one-day stock plunge in mainland China since 2007 and a continued sell off in commodities.
Here is where major indexes stand around 12:30 p.m. ET:
■ Dow: Down 0.7%, off around 120 points
■ S&P 500: Down 0.4%
■ Nasdaq: Down 0.8%
■ Oil sold on U.S. markets: Down 1.3% and under $48 per barrel Read more
Beijing is struggling to rein in the self-preservation instincts of small investors.
All that’s left to happen in China’s stock market is for government leaders to admit they are powerless to stop a selloff.
Monday’s panic selling was the latest example.
The Shanghai stock composite crashed by 8.5%, the equivalent of the Dow Jones industrial average shedding 1,500 points in a day, on little news and following more than a month of violent volatility.
The readiest explanation among analysts was that traders have lost faith that the government can slow the selling. Two and a half weeks ago the central government started enlisting $800 billion to prop up the market, Reutersestimated, and has since banned the largest shareholders of publicly traded companies from selling stock, restricted short selling, allowed 1,400 companies to stop trading, suspended IPOs, and encouraged banks to fund more share buybacks. Those measure all helped the Shanghai Composite to rise by 14% from its July 8 low-point through to the end of last week. Read More
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