Wall Street pares losses but still down sharply

Traders work on the floor of the New York Stock Exchange August 24, 2015. REUTERS/Brendan McDermid
Wall Street pared some losses on Monday after the Dow Jones industrial average lost more than a 1,000 points in volatile trading following a steep drop in Chinese shares and a selloff in oil and other commodities.

The Dow, which was down 325 points in mid-morning trading, has never lost more than 800 points in a day.

With Monday’s selloff, the Nasdaq composite joined the Dow in sliding into correction territory. An index is considered to be in correction when it closes 10 percent below its 52-week high.

The S&P 500 index briefly went into the correction zone earlier in the session.

Futures on the Nasdaq, S&P and Dow indexes were halted briefly before the market opened after hitting a circuit breaker, a step taken by exchanges to reduce volatility and give investors time to assess information.

The New York Stock Exchange invoked a rarely used rule saying market makers don’t have to disseminate price indications before the opening bell in an effort to make it easier and faster to open stocks on a volatile trading day.

At 10:37 a.m. ET the Dow Jones industrial average .DJI was down 425.75 points, or 2.59 percent, at 16,034, the S&P 500 .SPX was down 55.1 points, or 2.8 percent, at 1,915.79 and the Nasdaq Composite .IXIC was down 130.74 points, or 2.78 percent, at 4,575.30.

Written by Tanya Agrawa
Full report at Reuters

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