US stocks slide, following global markets lower
- Associated Press
- January 24, 2014 - 10:42 AM
NEW YORK — The Dow Jones industrial average is sharply lower as investors dump risky assets and pull money out of emerging markets.
The Dow was down 202 points, or 1.3 percent, to 15,993 in late morning trading Friday. It fell 176 points the day before.
The rout in emerging-market assets began a day earlier following signs that manufacturing was contracting in China, a major driver of global economic growth.
Investors were worried about sharp drops in the values of currencies in several emerging markets including Turkey, Russia, South Africa and Argentina.
The declines in the U.S. were broad. Eight stocks fell for every one that rose.
The Standard & Poor's 500 index fell 27 points, or 1.5 percent, to 1,801. The Nasdaq composite fell 74 points, or 1.8 percent, to 4,144.
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