Last Thursday, the US stock market tumbled in the trend once again. Devaluation of the currency in China and continued down fall in crude oil markets remained under pressure.
Dow Jones Industrial Average after decline at 252.15 points on Wednesday, again a fell down of 392.41 points or 2.32% strong decline and closed at 16514.10. S & P 500 also plunged 47.17 points or 2.37% and closed at 1943.09. NASDAQ Composite strong declined 146.34 points or 3.03% and closed at 4689.43 with a huge down.
Trading on the Shanghai Stock Exchange was halted Thursday about 30 minutes after opening when the benchmark Shanghai Composite fell 7.21% triggering the circuit-breaker system. China’s currency the Yuan devalued (depreciation) and impact of on the US market.
Also, there is a continued decline in crude oil and the US market dropped to its lowest level in 12 years. In NYMEX, WTI crude slipped to lows of $ 32.10, its lowest level since 29 December 2003. In the end crude was closed at $ 33.28 per barrel with falling of 0.69 dollars or 2.02%.