China dropped 9% yesterday and the DOW followed by dropping as much as 546 points, to end at minus 416.
Now THAT’S a trading day!
[quote]Feb. 27 (Bloomberg) – U.S. stocks plunged, wiping out about $600 billion in market value and erasing all of 2007’s gains, after a selloff in China spread and sparked the biggest rout in four years. Treasuries had the biggest jump since December 2004.
The Dow Jones Industrial Average fell as much as 546 points, the most since the first trading day after the Sept. 11, 2001, terrorist attacks in New York and Washington. All but two companies in the Standard & Poor’s 500 Index declined.
The plunge in China exposed the fact that there are problems developing,'' said Jim Rogers, who co-founded the Quantum hedge fund with George Soros in the 1970s.
When you have major stock declines, they always start in marginal countries, sectors and companies.’’
[/quote]
Ouch, calling China “marginal.” That’s just rude.
bloomberg.com/apps/news?pid= … refer=news