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NEW YORK (AP) — One analyst says yesterday's "relatively peaceful markets are a distant memory."
John Briggs of RBS is reacting to today's selloff on Wall Street and around the world -- a reaction to some gloomy economic data from China, where a manufacturing index fell to a three-year low last month.
The Dow industrials have been more than 300 points lower this morning.
The Chinese economy has been the focus for investors all summer and concerns have intensified in the last three weeks. China devalued its currency in mid-August. Investors interpreted the move as an effort to boost economic growth.
August was a miserable month for investors. Worries over China's slowdown and the timing of a possible interest rate hike by the Federal Reserve pushed shares sharply lower.
Traders say a lot hinges on the August jobs report, released this Friday. Economists are forecasting that U.S. employers created 220,000 jobs in August, and that the unemployment rate fell to 5.2 percent.
%@AP Links
053-a-11-(Teddy Weisberg, president, Seaport Securities, in AP interview Monday)-"the stock market"-Seaport Securities President Teddy Weisberg says investors are worried about the Federal Reserve raising interest rates. (1 Sep 2015)
<<CUT *053 (09/01/15)££ 00:11 "the stock market"
055-r-17-(Sound of closing bell Monday, on New York Stock Exchange)--Sound of closing bell on the New York Stock Exchange where the Dow Jones industrial average fell 114 points to close at 16,528. (The Standard and Poor's 500 index fell 16 points to 1,972. The Nasdaq composite slid 52 points to 4,776) (1 Sep 2015)
<<CUT *055 (09/01/15)££ 00:17
APPHOTO NYRD113: Trader John Panin works on the floor of the New York Stock Exchange, Tuesday, Sept. 1, 2015. More signs of weakness in China's economy are sending global stock markets sharply lower. (AP Photo/Richard Drew) (1 Sep 2015)
<<APPHOTO NYRD113 (09/01/15)££
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