The Dow Jones plunged by 462.88 points, falling to 24,134.51 as concerns over economic growth in China continued to grip the global stock market after rattling shares in Europe and Asia earlier today. As of 17:10 GMT, the DJI was trading 439.96 points down and was at 24,157.42. At the same time of trade, the S&P 500 Index fell by 39.88 points. The Nasdaq Composite had dropped by 97.81 points.
World markets erupted in panic today after retail sales in China were revealed to have expanded at the weakest pace since 2003.
Industrial output in the world’s second-largest economy rose by the least in nearly three years.
The disappointing data left investors on edge as overall global earnings estimates for next year have begun to fall.
Goldman Sachs strategists wrote in a note to clients: “Volatility and the number of sharp moves across assets appear to be rising and investors are facing a challenging macro backdrop.”
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The European stock market also took a battering off the back of the negative China data, with the FTSE 100 ending the day down 0.7 percent, and the FTSE 250 falling 0.9 percent.
The German DAX closed 0.5 percent down, while the CAC 40 in Paris was 0.8 percent lower.
Mainland China’s benchmark Shanghai Composite and the blue-chip CSI 300 declined 0.6 percent and 0.9 percent, respectively, and Hong Kong’s Hang Seng tumbled 1.6 percent.
The Hang Seng index fell 1.6 percent, while the China Enterprises Index lost 1.9 percent.
MSCI’s Asia ex-Japan stock index was weaker by 1.35 percent, as Japan’s Nikkei index closed down 2.02 percent.
The stock market had breathed a sigh of relief in recent weeks on news that the trade war between the United States and China could be cooling down.
Yesterday saw positive comments from US President Donald Trump, who claimed talks were taking place with Beijing by phone.
The US leader went on to cliam he would not raise tariffs on Chinese imports until he was sure about a deal.
Nobuhiko Kuramochi, chief strategist at Mizuho Securities, said: “Although hopes of progress in US-China talks and cheap valuations are supporting the market for now, we have lots of potential pitfalls.
“If US shares fall below their triple bottoms hit recently, that would be a very weak technical sign.”