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U.S stocks open sharply lower following 9% tumble in China market.

 
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02/27/2007 09:53 AM
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U.S stocks open sharply lower following 9% tumble in China market.
Wall Street falls sharply after slide in China
Worries that U.S. stocks are about to see big correction feeds slump

NEW YORK - Wall Street fell sharply Tuesday, joining a global stock decline on growing concerns about slowing economies in the U.S. and China. Worries that U.S. stocks are about to embark on a major correction fed the drop.

The Dow Jones industrial average was down over 100 points soon after the opening bell and the Nasdaq composite index fell 42 points as stocks also tumbled on weaker-than-expected durable goods data.

A 9 percent slide in Chinese stocks earlier set the tone for the opening of trading. Concerns that China’s economy will slow sent many investors selling just a day after they sent Shanghai’s benchmark index to a record high close.

[link to www.msnbc.msn.com]
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