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Big plunge on Wall Street... Dow industrials down 435... President promotes green energy

By The Associated Press | Posted - Aug. 24, 2015 at 8:41 a.m.



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NEW YORK (AP) — U.S. stock markets plunged in early trading following a big drop in Chinese stocks. The Dow Jones industrial average fell more than 1,000 points and the Standard & Poor's 500 index fell into correction territory — that's Wall Street jargon for a drop of 10 percent or more from a recent peak. Treasuries surged as investors bought less risky assets.

NEW YORK (AP) — As of 10:30 a.m. EDT, the Dow industrials were down 435 points at 16,024. The NASDAQ was down 121 points at 4,584.

SHANGHAI (AP) — China's main index sank 8.5 percent amid fears over the health of the world's second-largest economy. The Shanghai index suffered its biggest percentage decline since February 2007, with many China-listed companies hitting their 10 percent downside limits. The benchmark has lost all of its gains for 2015, though it is still more than 40 percent above its level a year ago.

WASHINGTON (AP) — President Barack Obama is pushing back against fossil fuel interests. The president will announce new executive actions and other efforts aimed at making it easier for homeowners and businesses to invest in green energy improvements that in the past may have been impractical or unaffordable.

ATLANTA (AP) — Southern Co. is buying AGL Resources Inc. for approximately $7.93 billion. The deal would create the second-biggest utility company in the U.S. by customer base.

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The Associated Press

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