The New Year continues to be an unhappy one on Wall Street. Ryan Gaumont reports that turmoil in the Chinese economy and oil prices that keep slumping are continuing to affect U.S. stocks.
Standard & Poor’s 500 Index has had its worst-ever four day start to a year, closing down 47.18 points, a 2.4% drop. The Dow Jones Industrial Average has had its worst start since the index was created in 1928, closing down 392.41 points, a 2.32% drop. The Nasdaq Composite index dropped 146.34 points. Corrections have entered the 10% range.
Oil prices continued to slide. The price per barrel dropped below $34, the lowest in a decade. There is no consensus on what the oil market will do next.
China’s economic troubles continue. Trading was suspended after only fifteen minutes when the Shanghai Composite Index dropped 7.3%. China’s central bank is under pressure from policy advisors to let the yuan currency fall quickly and sharply, by as much as 10-15%. In other currency news, the dollar slumped, while the yen rose slightly.
The Legal Broadcast Network is a featured network of Sequence Media Group.