Stocks drop the most since May on worries over China, Fed

  • 📰 AP
  • ⏱ Reading Time:
  • 75 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 33%
  • Publisher: 51%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

Stocks on Wall Street have closed sharply lower. The S&P saw its biggest drop in four months - a 1.7% loss - while the Dow shed more than 600 points.

that it’s planning to pull back some of the support measures it’s been giving markets and the economy.

“What’s happened here is that the list of risks has finally become too big to ignore,” said Michael Arone, chief investment strategist at State Street Global Advisors. “There’s just a lot of uncertainty at a seasonally challenging time for markets.”The worries over Chinese property developers and debt have recently centered on Evergrande, one of China’s biggest real estate developers, which looks like it may be unable to repay its debts.

Many analysts say they expect China’s government to prevent such a scenario, and that this does not look like a Lehman-type moment. Nevertheless, any hint of uncertainty may be enough to upset Wall Street after the S&P 500 has glided higher in almost uninterrupted fashion since October. All the concerns have pushed some on Wall Street to predict upcoming drops for stocks. Morgan Stanley strategists said Monday that conditions may be ripening to cause a fall of 20% or more for the S&P 500. They pointed to weakening confidence among shoppers, the potential for higher taxes plus inflation to eat into corporate profits and other signs that the economy’s growth may slow sharply.

Banks posted big losses as bond yields slipped. That hurts their ability to charge more lucrative interest rates on loans. The yield on the 10-year Treasury fell to 1.31% from 1.37% late Friday. Bank of America fell 3.4%.Smaller company stocks were among the biggest losers. The Russell 2000 fell 54.67 points, or 2.4%, to 2,182.20.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

this is terrible news

When there's blood in the streets, buy property.

We got in bed with China now we are getting what we asked for.

Relax it will bounce all the way back and then some by Friday! ALWAYS does!

Seriously?... market go up and down.... intelligent ppl aren't worried...it's ppl who want a quick $$who are worried. This is just media click bate.

Or is it debt crisis in China ?! Nuts !

this is good new project minting will be .08 but free if you own one. NFT CryptoDiamonds

Yup fake market crash

But Biden said he was building back better

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 728. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Top Wall Street analysts believe these stocks are poised for upsideTipRanks analyst ranking service pinpoints Wall Street's best-performing stocks, like Amazon & Salesforce
Source: CNBC - 🏆 12. / 72 Read more »

Stocks tumble as Wall Street's fears turn to ChinaThe Dow and the broader US stock market fell to close sharply lower Monday. The market tumbled over China fears. It was the worst performance since May for the S&P and the Nasdaq, while the Dow logged its worst day since July. We will crash the market before the left can tax capital gains. Calm down everyone, 2 % drop means nothing Havent had any kind of actual correction in a VERY long time. Relax
Source: CNN - 🏆 4. / 95 Read more »

Australian stocks set for lower start; major Asia markets closed for holidaysMarkets in mainland China, Japan and South Korea are closed on Monday for a holiday.
Source: CNBC - 🏆 12. / 72 Read more »