U.S. stocks posted steep losses on their first trading day of 2016. The Dow Jones Industrial Average plummeted 276 points, or 1.58 percent, to end the session. Earlier Monday, the Dow lost more than 450 points at one point. The S&P 500 closed down 31 points, or 1.51 percent. The Nasdaq declined 104 points, or 2.09 percent.
Monday’s activity does not bode well for the year, with traders referring to the axiom, “As January goes, so goes the year.” Investors were spooked when China’s Shanghai Composite Index fell 7 percent over weaker-than-expected manufacturing data and a falling currency.
Trading in China had to be halted earlier Monday and Chinese stocks are now at their lowest level in three months. The violent attacks on the Saudi Arabian embassy in Tehran over the weekend also rocked global markets Monday morning.
Source-ABC
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