Stocks Tumble From Shanghai To New York
Following the People’s Bank of Chinas’ credit tightening, the Shanghai Composite suffers its worst percentage loss since 2009. The sell-off triggered US markets to decline into the red as markets opened this Monday, with the Dow having an intra-day low of 14,551.
The falling markets comes less than a week of US Federal Reserve Chairman, Ben Bernanke’s, announcement of tapering off bond buying and stimulus spending. The bearish market continues as investors continue to grasp for some positive news.
David Hoang, Institutional Trader, The Elco Group