New York – It was a gloomy start to the new year on Wall Street as stocks sank as part of a global sell-off.
Subscribe to our Daily Roundup Email
Investors worried about new signs of a slowdown in China and a flare-up in tensions between Saudi Arabia and Iran. That sent the price of oil on another wild ride.
The S&P 500 and Nasdaq posted their worst start to a year since 2001, while it was the worst for the Dow since 2008.
The Dow Jones industrial average clawed back the worst of an early decline but still ended with its worst loss in two weeks.
The Dow slumped 276 points, or 1.6 percent, to 17,148. It was down 468 earlier.
The Standard & Poor’s 500 index lost 31 points, or 1.5 percent, to 2,012. The Nasdaq composite fell 104 points, or 2.1 percent, to 4,903.
China’s main index plunged nearly 7 percent, triggering a trading halt, after manufacturing slumped again.
I guess the Obama economy isn’t doing that well after all.