Markets Open Down Following China Sell-Off
Wall Street opened lower this morning, following a big sell-off in China overnight in which the country's main index dropped 6.7 percent.
In the first 20 minutes of trading, the Dow is down 80 points, or 0.8 percent.
The broader S&P 500 is down 0.8 percent and the tech-heavy Nasdaq is down 1 percent.
Fears of credit tightening in China that could lead to diminished economic activity led to the plunge there. A wary Wall Street, trading on the last day of August, watched Asia and opened with a mild sell-off.
The poor Wall Street opening today could also be attributable to a bracing ahead of September, traditionally a poor-performance month in the markets.
News-wise, today is a light day ahead of a busy week. August vehicle sales come out tomorrow, retailers report August same-store sales on Wednesday and the August unemployment rate is due Friday.
-- Frank Ahrens
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By
Frank Ahrens
|
August 31, 2009; 9:51 AM ET
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The Ticker
| Tags: Dow Jones, nasdaq, s&p 500
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Posted by: Dermitt | August 31, 2009 10:55 AM | Report abuse
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"The Oxen Group selected Washington Post as its sell of the day, stating: Watch out for the Washington Post on Monday. The stock may be trending lower after a downgrade that came from Standard and Poor's on Friday, after hours." We'll keep watching out. Numbhers looking reddy. Somebody is buying something and so it goes. Keep it light. Right too.