Chinese decline hits Wall Street - New York Report

The Nasdaq lost almost one per cent yesterday, after the steepest decline in Chinese stocks in eight years increased concerns that cooling growth in the world’s second largest economy could hurt China’s trading partners.

The Dow Jones industrial average fell 0.72 per cent to end at 17,441.79 points, its lowest since February.

The S&P 500 lost 0.57 pe rcent to end at 2,067.75, its lowest in over two weeks. The Nasdaq Composite dropped 0.96 per cent to 5,039.78, hitting a four-week low.

US-listed shares of Chinese companies slid, including Alibaba and Baozun.

“It’s hard to assess whether China single-handedly can deep-six the market,” said Chuck Carlson, chief executive at Horizon Investment Services.

“A significant slowdown in China impacts not just the US but global players as well.”

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