US stocks nosedive in early trading amid collapse in global markets

Rupert Neate in New York Monday 24 August 2015

Dow plummets 1,000 points minutes after opening and raises fears that a tech bubble has burst, with Facebook and Apple among the biggest early losers

  • European markets face biggest losses since 2008 after China panic

 

A trader works on the floor of the New York Stock Exchange before the opening bell on Monday.

A trader works on the floor of the New York Stock Exchange before the opening bell on Monday

US stock markets collapsed on Monday continuing a global stock market rout that has wiped hundreds of billions of dollars off shares across the world.

The Dow Jones Industrial Average dropped by 6.4%, the S&P 500 dropped 4%, and the Nasdaq lost 8.5% raising fears that a fresh tech bubble has burst. The drops followed already-heavy falls last week.

Technology stocks were the hardest hit with Facebook losing 14% at one point and Apple off 11%.

It follows dramatic falls in European and Asian stocks after Chinese shares had their worst day since 2007 – intensifying a stock market rout driven by fears about the world’s second-biggest economy.

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