At the opening bell on Wall Street the Dow Jones Industrial Average plummeted as much as 1,000 points in the first minutes of trading. Later it corrected to 485 points down or around three percent. The Nasdaq dropped eight percent at the start of trading, but is now down three percent. The S&P 500 had initially sunk five percent and is now down three percent.
The grim data was predictable, as before the opening the Nasdaq 100 Index contract dropped 5 percent reaching its daily loss limit. Companies like Apple and Netflix also suffered from a massive sell-off, sinking at least 5.7 percent amid the panic triggered by Chinese stock markets collapse.
As I have long stated, we are so tied in with China and Asia that their markets are now taking the U.S. market down. Get smart U.S.A.
— Donald J. Trump (@realDonaldTrump) August 24, 2015
Dow futures plummeting more than 800 points has allowed The New York Stock Exchange to apply Rule 48 for the Monday stock market open, according to Dow Jones.
Read more: rt.com