The first trading week on Wall St. continued to be one that investors will soon want to forget. Once again all of the major indices suffered big losses, thanks to the continuing devaluation of China’s currency. Reuters reported that-
“China’s central bank is under increasing pressure from policy advisors to let the yuan currency fall quickly and sharply, by as much as 10-15 percent, as its recent gradual softening is thought to be doing more harm than good.”
Throughout Thursday’s trading session the Dow and NASDAQ moved into “market correction” territory for the year, with total declines of at least 10% of any security or market index following a temporary upswing in market prices. By the end of today’s session the Dow lost over 2.3%; the NASDAQ-3% and the S&P 500 dropped 2.37%. Both the Dow and S&P were down triple digits.
For the four days of the trading week so far the Dow Jones Industrial Average has lost more than 912 points; the NASDAQ is down 317 points and the S & P 500 has lost a total of 130 points.
Watch more coverage of today’s stock slide on Wall Street from CNBC below.
Here are the final numbers from Thursday, 1/7/16 on Wall Street:
Dow Jones Industrial Average: 16,514.10 (-392.41/ -2.32%)
NASDAQ: 4,689.43 (-147.34/ -3.03%)
S&P 500: 1,943.09 (-47.17 / -2.37%)