A strong rally on Wall Street evaporated and turned into losses, as concerns about China’s economy heavily outweighed lower valuations that some investors earlier saw as bargains.
U.S. stocks make a strong advance at the start of trade as investors pick up shares beaten-down after previous session’s steep decline on global economic fears.
(REUTERS) – A massive sell-off drove the Dow to shed more than 1,000 points at the day’s low. A bounce back by Apple helped cut the losses but it still closed with the steepest drop in four years.
Sparking the plunge: a further fall in Chinese equities and commodity prices.
Amid volatility in global financial markets, White House presses China to increase financial transparency and to move toward market-determined exchange rate system.
(Reuters Business Report) – Barnes and Noble Education making its debut on the New York Stock Exchange. The spinoff of the bookstore chain’s college bookstore business having a tough first day of trading. The stock, ticker BNED, under pressure.
(Reuters Business Report)- A river of red on the boards of Athens’ bourse.
This was the plunge analysts had expected.
The first time trades on the Greek stock market could be made in five weeks saw falls of nearly 23 percent at the open.
Banking shares in particular hit hard.
China stocks plunge more than 8 percent, their biggest one-day drop in more than eight years, as a government-triggered rebound peters out amid profit-taking, concerns over economic health and fears of an end to Beijing’s inclination toward looser monetary policies.
PayPal begins trading separately on the Nasdaq, creating a new company that analysts say is worth more than $50 billion (USD). PayPal shares soared to $42.55 in early trading, on its trading debut after it split from e-commerce company eBay.
(REUTERS) – Tech stocks drove the Nasdaq to a record high, The S&P 500 also moving hgher. A broad-based decline led by energy stocks dragged the Dow lower.
(Next Media Online) – China stock markets went into complete meltdown on Tuesday and Wednesday after being in free fall since June 12.