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New Year, Same Problems

Daily Recap

Besides being a cliché, it is also an understatement to say that markets started 2016 out with a bang.  Bad news on Chinese manufacturing, combined with concerns over changing rules for Chinese investors, sent the Shanghai Index down 7%.  That was enough to trigger circuit breakers and halt trading in China.  It was also enough to send most other Asian markets sharply lower and that, in turn, caused European markets to drop severely. 

An hour from the close, the Dow is down 400 points, giving us probably the worst start to a trading year since 1932.  All major US indices are down more than 2% near the close; not as bad as Asia and just a bit less than declines in Britain, Germany, and France.  Not a good day for the bulls.

Gold is up $14/oz. on safe-haven buying, responding to concerns over China but even more so worrying about heightened tensions ... Log in or subscribe to continue reading.

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