Fears over China and Greece push down US stocks for 2nd day - KXXV-TV News ... - KXXV News Channel 25
AP Business Writers NEW YORK (AP) - Growing concerns about a slowdown in China shook markets around the world on Friday, driving the U. S. stock market to its biggest drop in nearly four years. Oil plunged below $40 for the first time since the financial crisis, and government bonds rallied as investors raced into hiding spots. By the time it was over, the Standard and Poor's 500 index had lost 5. 8 percent for the week, its worst weekly slump since 2011. That leaves the main benchmark for U. S. investments 7. 7 percent below its all-time high - within shooting range of... Markets began falling last week after China announced a surprise devaluation of its currency, the yuan. Investors have interpreted China's move as a sign that flagging growth in world's second-largest economy could be worse than government reports suggest. The Standard & Poor's 500 index dropped 64. 84 points, or 3. 2 percent, to close at 1,970. 89. The Dow Jones industrial average fell 530. 94 points, or 3. 1 percent, to 16,459. 75. That's 10 percent off its high, a correction. The Nasdaq slid 171. 45 points, or 3. 5 percent, to 4,706. 04. That's unwelcome news for anyone with a 401(k) invested in stocks, but they shouldn't panic and try to time the market's swings, said. Source: www.kxxv.com
