(as of 7:00 AM PST)
Stocks all falling heavily around the globe this morning. China's Shanghai Index led Asia markets downward, logging an 8% drop overnight. European markets are falling heavily as well, down 6-7%. The Dow Jones opened down 1,000 points, or 6%, with the Nasdaq down even more. Selling is broad based with little interest in buying. It is hard to point to a single factor in this market rout, but the dramatic slowing of the Chinese global growth engine has a to be a main point. The proposed Federal Reserve Bank interest hike seems all but a footnote, being overwhelmed as an economic argument by much greater market forces. Gold is holding up as a safe haven investment while oil has fallen to nearly $38 p/barrel, a price not seen in many years.
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