Dow tumbles more than 500 points as Wall Street's fears turn to China
The S&P 500 , the broadest measure of Wall Street, opened 1.5% lower, while the Dow fell 550, or 1.5%. The Nasdaq Composite dropped 1.7% at the opening bell.Evergrande, which is struggling to manage its $300 billion mountain of debt, was supposed to pay the interest on some of its bank loans Monday, according to Bloomberg. The company will also have to pay interest on two of its bonds worth more than $100 million later this week on two of its bonds, according to Refinitiv.
Adding a dash of melancholy, this crisis comes at the thirteenth anniversary of the collapse of Lehman Brothers.But it's not just worries about contagion that are pushing the market lower. US stocks struggled for direction last week and market analysts have long said a correction is needed after the long rally that pushed stocks up to record highs.
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