China crisis causes more turbulence on Wall Street

China crisis causes more turbulence on Wall Street

Markets are turning turbulent again after investors were unnerved by more signs of weakness in China, the world’s second-largest economy.

US stocks sank 3% Tuesday, their third-worst drop this year. The two bigger falls occurred in the last two weeks.

The Dow Jones industrial average dropped 469 points, or 2.8%, to 16,058.

The Standard & Poor’s 500 index fell 58 points, or 3%, to 1,913. The Nasdaq slid 140 points, or 2.9%, to 4,636.

Oil prices also fell sharply as traders worried that China’s weakening growth would mean lower demand for crude. US oil sank almost 8%.

The plunge in oil sent energy stocks sharply lower. Exxon Mobil dropped 4%.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.16%.

More in this Section

Heathrow branded ‘massive gravy train’ as Aer Lingus boss slams expansion costsHeathrow branded ‘massive gravy train’ as Aer Lingus boss slams expansion costs

22% of Irish people unable to afford a holiday this year22% of Irish people unable to afford a holiday this year

Hostelworld issues profit warning after disappointing summer bookingsHostelworld issues profit warning after disappointing summer bookings

Hi-tech marketing firm opens Dublin office with view to employing 200Hi-tech marketing firm opens Dublin office with view to employing 200


Lifestyle

Up your veggie curry game with this delicious recipe.How to make Jamie Oliver’s stuffed curried aubergines

Riccardo Tisci has unveiled his Tempest collection, featuring a diverse cast of models.Is this Burberry’s most inclusive campaign yet? See pictures from the autumn/winter shoot

In search of close animal encounters, Sarah Marshall joins ‘Bear Whisperer’ Gary Zorn on a new adventure in Canada’s Cariboo Mountains.Glamping with grizzlies: Would you spend the night camping with bears?

In Ireland, a cohort of exceptionally talented women are leading the way in the production of sustainable jewellery, crafting beautiful pieces with the minimum impact on our planet, says Paul McLauchlanThese gems really treasure our environment

More From The Irish Examiner