U.S., world stock markets slide as panic in China spreads
A collapse in China’s ailing stock market spread like contagion across the globe again Thursday, pummeling nervous investors looking for respite from the week’s rocky trading.
Chinese stocks traded for less than 30 minutes, slumping 7 percent and triggering the second emergency market closure this week. The action prompted markets in Europe to retreat and then spread to the United States, where stocks tumbled 2 percent.
The Dow Jones industrial average, which tracks 30 blue-chip stocks, and the Standard & Poor’s 500, a broader measure of the market, both fell about 2.3 percent. They have lost about 5 percent of their value the week so far.
The tech-heavy Nasdaq suffered the deepest losses, falling 3 percent on Thursday. It is down about 6 percent this week and on pace to enter a what’s known as a correction, meaning the index will have fallen about 10 percent from its most recent high.
The sell-off was widespread, even hitting tech giants Apple and Amazon, which were down 4 percent and 3.7 percent respectively. JPMorgan Chase slid 4 percent, while Nordstrom tumbled 5.5 percent.
Read the full article on the Washington Post.