Gold Silver Reports – Stocks around the world plunged on the first trading day of 2016, with the Dow diving 470 points in intraday trading before moderating its losses amid fresh signs of slowing growth in China, the world’s second-biggest economy. All three major indexes got spanked as the chart above shows.
2016’s rocky beginning came as many of the same worries that held stocks back last year reappeared, prompting investors to sell equities and reduce risk.
China was the main culprit today, as we received a weaker-than-expected reading on Chinese manufacturing that showed continued contraction in one of the world’s most important economies. The lackluster numbers raised fresh fears about the global growth outlook for 2016 and the profit outlook for companies around the globe. It also sparked a massive stock market sell-off in mainland China, where shares tumbled more than 7%, forcing authorities to halt trading for the day before the normal closing time. – Neal Bhai Reports