Global stocks sink after China index dives 7 percent | Inquirer Business

Global stocks sink after China index dives 7 percent

/ 10:58 PM January 04, 2016

A woman takes a nap as a man looks at an electronic board displaying stock prices at a brokerage house in Beijing, Monday, Jan. 4, 2016. Shanghai's stock index plunged nearly 7 percent on Monday, sparking a halt in trading of Chinese shares, after weak manufacturing data and Middle East tensions weighed on Asian markets. (AP Photo/Andy Wong)

A woman takes a nap as a man looks at an electronic board displaying stock prices at a brokerage house in Beijing, Monday, Jan. 4, 2016. Shanghai’s stock index plunged nearly 7 percent on Monday, sparking a halt in trading of Chinese shares, after weak manufacturing data and Middle East tensions weighed on Asian markets. AP Photo/Andy Wong

NEW YORK — U.S. stocks are opening 2016 on a grim note, dropping sharply after a plunge in China and declines in Europe.

The Dow Jones industrial average sank 347 points, or 2 percent, to 17,078 as of 9:35 a.m. Eastern time Monday.

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The Standard & Poor’s 500 index lost 37 points, or 1.8 percent, to 2,006. The Nasdaq composite gave up 112 points, or 2.2 percent, to 4,895.

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Overseas markets fell even more. China’s main index plunged nearly 7 percent, triggering an emergency trading suspension. The drop was caused by weak Chinese manufacturing data and escalating tensions in the Middle East.

European indexes fell between 2 and 3 percent.

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Bond prices rose. The yield on the 10-year Treasury note fell to 2.23 percent.

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TAGS: Business, News, US stocks, World stock market

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