Markets Right Now: China share benchmark falls 5.5 percent
NEW YORK (AP) — The latest on developments in financial markets (all times local):
China’s stock market benchmark has fallen as much as 5.5 percent after the sharp sell-off on Wall Street.
The Shanghai Composite index dipped to 3,073.08 Friday morning but recovered slightly before its midday close.
Other Asian share indexes also were lower, with Hong Kong’s Hang Seng down 4.3 percent and Japan’s Nikkei 225 3.2 percent lower.
Shares were lower in all Asian markets after Wall Street officially began its first correction in two years, though losses were moderate with no sign of panic selling.
Asian shares have opened lower and are tracking the overnight plunge on Wall Street.
Japan’s Nikkei 225 average lost 2.8 percent to 21,240.05 in early trading Friday. Hong Kong’s Hang Seng index lost 2.5 percent.
While the more than 1,000 point tumble in the Dow Jones industrial average led the market lower, the U.S. dollar’s weakening against the Japanese yen also hurt export manufacturers’ shares.
The Dow Jones industrial average plunged more than 1,000 points as a weeklong market swoon continued.
The Dow is 10 percent below the record high it set just two weeks ago, putting it in what is known on Wall Street as a “correction.”
The Standard & Poor’s 500, the benchmark for many index funds, is also 10 percent below the record high it set two weeks ago.
Worries about inflation set the market rout in motion last Friday, and many market watchers have been predicting a pullback after the market’s relentless march higher over the past year.
The Dow dropped 1,032 points, or 4.1 percent, to 23,860.
The S&P 500 gave up 100 points, or 3.8 percent, to 2,581. The Nasdaq lost 274 points, or 3.9 percent, to 6,777.
The Dow Jones industrials are down 800 points, extending the market’s losses.
Stocks started to fall in early trading and extended their losses throughout the morning.
The market’s turmoil began last Friday and has continued this week as investors worried about early signs of inflation.
Analysts have also been saying the market has gotten much too expensive after a huge run-up over the last year and has been long overdue for a pullback.
The Dow was down 810 points, or 3.3 percent, to 24,088.
The Standard & Poor’s 500 index gave up 77 points, or 2.9 percent, to 2,603.
The S&P 500 is down 9.3 percent from the record high it set January 26.
The Nasdaq composite lost 212 points, or 3 percent, to 6,838.
The Dow Jones industrials are down 500 points, extending the market’s losses.
The market opened little changed on Thursday but started to fall in early trading and extended its losses throughout the morning. The losses were steady, unlike the sharp swings seen over the past few days.
The benchmark Standard & Poor’s 500 index is now down 8 percent from the record high it set January 26. It’s still up 15 percent over the past year.
Technology companies, the leading sector over the past year, and banks fell the most. Microsoft lost 2.3 percent.
The Dow was down 501 points, or 2 percent, to 24,397.
The S&P 500 gave up 44 points, or 1.7 percent, to 2,637. The Nasdaq composite lost 125 points, or 1.8 percent, to 6,926.
Stocks are sliding further on Wall Street, putting the market on track for its second big weekly drop in a row.
The market got off to a mixed start on Thursday but has fallen steadily as the morning wore on.
Technology companies, the leading sector over the past year, and banks fell the most. Microsoft and JPMorgan Chase each lost 1.7 percent.
The losses, which began last Friday, put the benchmark Standard & Poor’s 500 index almost 8 percent below the record high it set two weeks ago.
The Dow Jones industrial average lost 400 points, or 1.6 percent, to 24,491.
The broader S&P 500 lost 34 points, or 1.3 percent, to 2,647. The Nasdaq composite lost 101 points, or 1.4 percent, to 6,947.
Stocks are mixed in the early going as traders digest a batch of company earnings reports.
Twitter soared 26 percent early Thursday after reporting its first-ever quarterly profit.
Hanesbrands sank 8.8 percent after its results came up short of analysts’ foreacasts. The company also issued a disappointing forecast.
Roomba maker iRobot plunged 24 percent after its earnings fell far short of what investors were expecting.
The Standard & Poor’s 500 index slipped 2 points, or 0.1 percent, to 2,679.
The Dow Jones industrial average fell 98 points, or 0.4 percent, to 24,800. The Nasdaq composite edged up 10 points, or 0.2 percent, to 7,061.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.87 percent.