Stock market plummets more than 530 points, its worst one-day drop since 2008
U.S. stocks fell sharply for the second straight day Friday along with major indexes worldwide as continued worries about the slowdown of China’s economy and the devaluation of its currency weighed on traders.
The blue-chip Dow Jones industrial average plummeted 530.94 points -- its worst one-day drop since November 2008 -- to 16,459.75.
Its losses over the last three months stood at about 10%, the key mark that analysts consider a correction -- and that some have said is overdue in the long-running bull market.
The sharp decline comes after major U.S. indexes had their worst day in 18 months on Thursday. By early afternoon in New York, the Dow had fallen more than 2.5% for the day, and the Standard & Poor's 500 and the Nasdaq were down even more.
Investors are jittery over a slowing Chinese economy. Last week, the economic juggernaut devalued its currency, and the country’s stock market has endured a massive sell-off in the last two months.
On Friday, a preliminary measure of Chinese factory output dropped to a 6½-year low.
Other factors also have weighed on stocks, including an uncertain outlook for U.S. interest rates and the resignation of Greek Prime Minister Alexis Tsipras.
Excuses, excuses, excuses.
It could be the wind changed direction or someone walked under a ladder, who the fuck cares anymore?
This is just the beginning kiddies, the FED's will swoop in and kiss all the Boo Boo's and make it all better on Monday.
They pwomise!
Riiiiight.
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