House on Fire
In recognition of this week's extraordinary action, let's recap the week rather than just today's action. Starting Monday, the first trading day of the New Year, markets, with few exceptions, started dropping dramatically. Was that the result of major new developments that changed the financial landscape, or of having several days to just sit back and ponder the markets? A little of each, no doubt.
But the bottom line was that China's stock market, which started all the brouhaha, twice suspended trading because of stocks declining more than 7% in a day. With today's rise of 2%, the Shanghai Index lost "only" 10% for the week, but caused seismic movements in the rest of the world while doing so. British stocks posted their worst weekly results since August, while European markets as a whole had the ugliest week in over 4 years.
US stock markets, up early on the day's Chinese ... Log in or subscribe to continue reading.
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