US STOCKS ended sharply lower on yesterday after a hectic day that included market turmoil in China eclipsing Greece’s debt crisis, while the New York Stock Exchange suffered a major outage. Fears that a rout in Chinese stocks could seriously harm its economy pushed the S&P 500 below its 200-day moving average for the first time since October and into negative territory for 2015.
The NYSE resumed trade late in the session after a technical problem forced a suspension for more than three hours in the biggest outage to strike a US financial market in nearly two years.
Chinese shares have fallen more than 30 per cent in the last three weeks, and some fear China’s turmoil is now a bigger risk than the crisis in Greece. The Dow Jones fell 261.49 points, or 1.47 per cent, to end at 17,515.42. The S&P 500 lost 1.66 per cent, to 2,046.69 and the Nasdaq dropped 87.70 points, or 1.75 percent, to 4,909.76.