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Stocks Tank Bad …

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U.S. MARKETS POUNDED AS CHINA CRISIS INTENSIFIES

|| By FITSNEWS || U.S. stocks followed the (downward) lead of Asian and European markets on Monday, with the Dow Jones industrial average plunging 588.40 points (shedding 3.57 percent of its volume).  The Nasdaq and S&P 500 followed suit, dropping 179.79 points (3.82 percent) and 77.68 points (3.94 percent), respectively.

It could have been worse …

In the first ten minutes of trading early Monday morning, the Dow Jones fell by more than 1,000 points – roughly what it shed during all of last week.  The Dow closed at 15,871.35 – well off of its all-time high of 18,312.39 (set just three months ago).

Monday’s 588-point plunge was the worst one-day loss since August of 2011 …

What’s driving the sell-off?  China … 

The world’s largest economy is finally cooling after decades of double-digit growth … putting a hurt on industries which rely on its marketplace.

“We could be in the early stage of a very serious situation,” former U.S. Treasury Secretary Lawrence Summers tweeted.

Ya think?

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