Dow Jones Drops 392 Points
The Dow Jones dropped nearly 400 points today.
Stocks and oil prices plunged again on worries about a slowdown in China, giving the market its worst drop in three months. The price of oil sank to its lowest level in 12 years today.
The steep drops in U.S. indexes continued what has been a dismal start to 2016 for global markets. Technology stocks have been some of the hardest hit. The tech-heavy NASDAQ composite has plunged 8 percent since December 29th. The Dow Jones Industrial Average dropped 392 points, or 2.3 percent, to 16,514.
Financial advisor Will Van Kirk said, “We are 10 percent below last year’s highs. From the high it got last year, we’re down 10 percent which puts it in correction territory, they call it. How much further will it go? That’s what no one knows. So, what we always do, we’re conservative investors, we buy a lot of stocks but conservative stocks, we don’t like to speculate. I would encourage people to not speculate, buy quality stocks, your everyday names, so to speak, that have been around for a long time.”
The latest cause for worry was a weakening in China’s currency to its lowest level since March 2011.
Stocks and oil prices plunged again on worries about a slowdown in China, giving the market its worst drop in three months. The price of oil sank to its lowest level in 12 years today.
The steep drops in U.S. indexes continued what has been a dismal start to 2016 for global markets. Technology stocks have been some of the hardest hit. The tech-heavy NASDAQ composite has plunged 8 percent since December 29th. The Dow Jones Industrial Average dropped 392 points, or 2.3 percent, to 16,514.
Financial advisor Will Van Kirk said, “We are 10 percent below last year’s highs. From the high it got last year, we’re down 10 percent which puts it in correction territory, they call it. How much further will it go? That’s what no one knows. So, what we always do, we’re conservative investors, we buy a lot of stocks but conservative stocks, we don’t like to speculate. I would encourage people to not speculate, buy quality stocks, your everyday names, so to speak, that have been around for a long time.”
The latest cause for worry was a weakening in China’s currency to its lowest level since March 2011.
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