New York – The S&P 500 suffered its biggest daily percentage drop in nearly four years on Friday as fears of a China-led global slowdown continued to rattle investors.
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The Dow Jones industrial average < .DJI> fell 530.81 points, or 3.12 percent, to 16,459.88, the S&P 500 < .SPX> lost 64.7 points, or 3.18 percent, to 1,971.03 and the Nasdaq Composite < .IXIC> dropped 171.45 points, or 3.52 percent, to 4,706.04.
I’m calling this one the “Ashley Madison” crash – there are a lot of wealthy folk getting very distracted by uncomfortable revelations about their personal lives, and there are plenty of people who need to quickly move assets around in order to pay their own divorce lawyers, and protect those assets from their spouse’s divorce lawyers