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Aug 25 2015

Market volatility continues amid China rout

Market Recap 08/24/15:
 
U.S. stocks suffered their worst one-day decline in four years on Monday, with the S&P 500 formally entering correction territory as weakness in China’s market continued to drag down Wall Street. Volatility was extremely high, with the Dow Jones industrial average at one point plummeting more than 1,000 points for its biggest one-day trading range ever, though it closed off those lows. The sell-off was merely the latest decline driven by China, where slowing growth has sparked concerns about the state of the overall global economy. Apple (AAPL) – which has a lot of revenue exposure to China – fell more than 10 percent on Monday, though it rebounded in afternoon trading after Chief Executive Tim Cook reassured investors about its business in China.
 
Looking ahead:
 
Futures pointed to a sharp rebound on Tuesday. At current levels, major indexes indicated to open about 3 percent higher. The jump came after China made moves to stabilize its rocky economy, cutting interest rates and allowing banks to lend more. While China’s market still fell sharply after the announcement, the news could add some stability to Wall Street, where the S&P 500 entered correction territory on Monday because of weakness in China’s economy. However, big swings are likely to continue, given continued questions over the strength of the global economy and persistent uncertainty over when the Federal Reserve will begin raising rates. Tune into Making Money with Charles Payne on the Fox Business Network this Thursday at 6, when our President Oliver Pursche will provide our latest outlook and market commentary. Make sure you don’t miss this week’s Money Matters with Gary Goldberg, where the guest will be S&P Capital IQ’s and friend of Money Matters Sam Stovall, as well as Dr. Kristine Gedroic, who will talk about healthy eating and and lifestyle habits. Visit our website www.ggfs.com for more details.