STOCK MARKET PLUMMETS 400 POINTS ON OPENING DAY OF 2016 TRADING

THE DOW JONES INDUSTRIAL AVERAGE PLUNGED ABOUT 400 POINTS IN EARLY TRADE MONDAY AS A 7% DROP IN CHINESE SHARES STOKED A GLOBAL SELLOFF IN STOCKS.

The Dow DJIA, -1.94% plunged nearly 411 points to 17,015, led by a drop in DuPont Co. DD, -4.11% and American Express Co. AXP, -2.90%

The S&P 500 SPX, -1.93% fell about 45 points to 1,998, led by a decline in technology stocks, financials and industrials. Only the S&P 500’s energy sector showed a modest gain as Middle Eastern tensions helped lift crude-oil prices.

“IT IS NOT SURPRISING TO SEE SUCH A SELLOFF CONSIDERING NEGATIVE HEADLINES FROM CHINA AND TENSIONS BETWEEN IRAN AND SAUDI ARABIA. WHAT IS SURPRISING IS THAT IT IS HAPPENING ON THE FIRST DAY OF THE YEAR,” SAID RYAN LARSON, HEAD OF EQUITY TRADING AT RBC GLOBAL ASSET MANAGEMENT.

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