Stocks Slump to Start September as Markets Falls Into Correction - TheStreet.com
The Dow lost 2. 8%, or 468 points while the S&P 500 dropped 3% and the technology-heavy Nasdaq slid 2. 2%. . China's official Purchasing Managers' Index slid to 49. 7 in August, down from 50 in July, its worst reading in three years. Separately, the Caixin China manufacturing PMI fell to its lowest level since March 2009, dropping to 47. 3 in August. Growth was at its weakest in 22 months in August, according to the final reading of the Markit U. S. PMI. Economists had forecast a reading of 52. 9. Must Read: 10 Big-Name Stocks That Are Already in Correction Territory. In yet another survey, the Institute for Supply Management said its index fell to 51. 1 in August from 52. 7 in July, illustrating that manufacturing growth is at its weakest level since mid-2013. Economists had expected a reading of 52. 2. "This is a very disappointing report, and it provides some early indication that the fallout from the continued uncertainty about Chinese and global growth is beginning to be reflected in the data," said... Source: www.thestreet.com
