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| U.S. stocks slide following steep market drop in China | |
| (35 minutes later) | |
| The Dow Jones industrial average plunged in early trading on Monday, falling more than 2 percent after a tumultuous day for Chinese markets. | |
| At one point in the morning, the Dow was down more than 400 points, before recovering a bit. In the late morning, the Standard and Poor’s 500 index, a broad measure of stocks, dropped 2 percent and tech-heavy Nasdaq was down 2.5 percent. | |
| Disappointing manufacturing reports in China sent stocks there sliding more than 7 percent. The drop triggered a circuit breaker that halted trading. | |
| A tumble in global markets soon followed. Japan’s Nikkei index fell more than 3 percent; stocks in Europe also plunged with the main German index, the DAX, down by 4 percent. | |
| Turbulence in the Middle East also factored into the sell-off. Saudi Arabia cut diplomatic ties with Iran on Sunday; Bahrain and Sudan on Monday also severed ties with Iran, in what analysts have described as one of the worst crises in decades between the region’s Sunni and Shiite powers. Oil prices rose nearly 3 percent as a result. And investors poured into gold, a safe haven, sending the metal up 1.6 percent. | |
| The turmoil was an inauspicious start to the year that many have predicted would be rocky for investors. China’s slowdown, rising interest rates in the United States and growing tensions in the Middle East are expected to lead to high volatility on global markets. | |