China’s benchmark Shanghai Composite Index tumbled 8.5 percent today and the U.S. markets followed suit, with the Dow Jones Industrial Average shedding 3.6 percent to 15,871.35 and the S&P 500 closing at 1,893.21, down 3.9 percent for the day and a technical correction of 10 percent over the past week.
The Shanghai Index has erased all gains made in 2015 and today was dubbed ‘Black Monday.’ The Dow Jones Industrial Average is down 10.9 percent since the beginning of the year.
Reiterating our headline from early last month: China’s Stock Market Is Tanking, Will It Weigh On Local Real Estate?
UPDATE (8/25): The Shanghai Composite dropped another 7.6 percent today. And while the U.S. markets opened up, the Dow closed down 1.29 percent and the S&P 500 fell another 1.35 percent. The NASDAQ closed
up down 0.44 percent.
UPDATE (8/26): While the Shanghai Composite dropped another 1.3 percent today, the U.S. markets closed up around 4 percent, with the Dow at 16,285.51 (up 3.95 percent), the S&P 500 at 1,940.51 (up 3.9 percent), and the NASDAQ at 4,697.54 (up 4.24 percent).
UPDATE (8/27): The Shanghai Composite finally reversed course and gained 5.34 percent today while the Dow gained 2.27 percent to close at 16,654.577, the S&P 500 gained 2.43 percent to close at 1,987.66, and the NASDAQ closed up 2.45 percent at 4,812.71.