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...Roller-coaster rides are not unusual for China's stock markets, which sometimes resemble a casino in Macau. What happened next, however, was decidedly unusual: investors in New York's equity markets woke up, saw that Shanghai had tanked, and had a collective heart attack: they sent the Dow Jones industrial average down more than 400 points, its biggest single-day drop since Sept. 17, 2001 - the first trading session after the terrorist attacks of 9/11. The drop in New York, in turn, fueled fear in markets across Asia the following day, and suddenly investors were seized by visions...
...more sensible explanation for the panicked reaction in other markets to the tailspin in Shanghai is that it was simply an excuse to take some money off the table. The Dow Jones industrial average, for example, had recently hit all-time highs, having gone up for five straight years as U.S. corporate profits soared. There hadn't been a single day in nearly four years in which U.S. stocks had fallen even 2%, an unusually long absence of volatility. Likewise, markets from India to Singapore to Russia had been on a historic tear. Against this backdrop, China's sudden return...
...heartening thought: the Chinese have just welcomed in the Year of the Pig on the lunar calendar, which means investors in the U.S., at least, should be delighted. According to an investing website called the Kirk Report, in all but one Year of the Pig since 1935, both the Dow Jones Industrial Average and the S&P 500 have gone up - usually sharply. Of course, it's true that the past doesn't necessarily predict the future; then again, neither does the Shanghai stock market...
...Dow Jones industrial average fell a startling 416 points on Tuesday - at one point it was down more than 500 - concerns heightened about the fate of the U.S. economy. A 9% downdraft in Chinese stocks earlier in the day triggered the selling on Wall Street, while some downbeat economic news and an unexpected warning from an old bogeyman, Alan Greenspan, threw a scare into investors...
...China's selloff came as stocks there moved off record highs amid fears that Beijing might raise interest rates to slow economic growth. It came at a time when the U.S. markets were ripe for a correction: analysts noted that the Dow has not dropped by as much as 2% in more than 120 trading days...