US close: Markets plummet amid China jitters, manufacturing slowdown
US markets took a nosedive on Monday, following the global pattern set by China's trading halt earlier in the day.
The Dow Jones Industrial Average closed with its biggest loss on the first trading day of the year in eight years, down 276.09 points - 1.6% - to 17,148.94.
It was the worst trading day since 2001 for the S&P 500, down 31.28 points or 1.53% to 2,012,66. The Nasdaq Composite was the biggest loser, ending the day down 2.08%, 104.32 points, at 4,903.09.
Trading floors in New York had started the day on a sour note, and only got worse, after a plunge in Asian markets caused by short-selling in China on Friday.
Investors there were growing increasingly concerned by the expiration of a share sales ban on major shareholders in listed companies. The six month ban was imposed during the summer crash in Shanghai.
The technology and biotech sectors were the big losers of the day - particularly on the Nasdaq. Tesla Motors was down a serious 6.92% to $223.41, and Amazon.com lost 5.76% to $636.99.
Baxalta was one of the rare risers of the day, up 5.48% to $41.17, amid speculation that London-listed Shire was close to striking a deal to acquire the pharmaceutical group.
There was cause for serious for concern in US PMI data during the day, with the ISM Manufacturing Survey showing a more sizeable contraction for the sector than forecast in December.
Analysts were picking a lift in the index, from 48.6 previously to 49, but the actual figure - which surprised investors - was 48.2.
Oil prices also remained in focus as they rebounded on concerns about the row between Saudi Arabia and Iran. Saudi Arabia cut ties with Iran on Sunday in response to the invasion of its embassy in Tehran.
At 2130 GMT, London Brent was up 0.29% to $37.39 per barrel, while West Texas Intermediate was down 0.33% to $36.92.
In currencies, the dollar strengthened against the pound, finishing the day at £0.6793. It was also up against the common currency, by 0.23% to EUR 0.9232, and up 1.56% against the Aussie, to AUD $1.3908. The greenback lost some ground against the yen, down 0.95% to JPY 119.40.
S&P 500 - Risers
Chesapeake Energy Corp. (CHK) $4.95 +10.00%
CONSOL Energy Inc. (CNX) $8.59 +8.73%
Southwestern Energy Co. (SWN) $7.71 +8.44%
Baxalta Incorporated (BXLT) $41.17 +5.48%
Range Resources Corp. (RRC) $25.75 +4.63%
Kohls Corp. (KSS) $49.55 +4.03%
Diamond Offshore Drilling Inc. (DO) $21.85 +3.55%
National Oilwell Varco Inc. (NOV) $34.61 +3.34%
Spectra Energy Corp. (SE) $24.74 +3.34%
Gap Inc. (GPS) $25.51 +3.28%
S&P 500 - Fallers
Chipotle Mexican Grill Inc. (CMG) $448.81 -6.47%
Fossil Group Inc (FOSL) $34.34 -6.07%
Amazon.Com Inc. (AMZN) $636.98 -5.76%
Yahoo! Inc. (YHOO) $31.40 -5.59%
E.I. du Pont de Nemours and Co. (DD) $63.07 -5.30%
D. R. Horton Inc. (DHI) $30.39 -5.12%
Regeneron Pharmaceuticals Inc. (REGN) $516.55 -4.85%
Lennar Corp. Class A (LEN) $46.71 -4.50%
Abbott Laboratories (ABT) $42.93 -4.41%
Paypal Holdings Inc (PYPL) $34.75 -4.01%
Dow Jones I.A - Risers
Wal-Mart Stores Inc. (WMT) $61.46 +0.26%
Apple Inc. (AAPL) $105.35 +0.09%
Caterpillar Inc. (CAT) $67.99 +0.04%
Dow Jones I.A - Fallers
E.I. du Pont de Nemours and Co. (DD) $63.07 -5.30%
JP Morgan Chase & Co. (JPM) $63.62 -3.65%
Boeing Co. (BA) $140.50 -2.83%
American Express Co. (AXP) $67.59 -2.82%
Cisco Systems Inc. (CSCO) $26.41 -2.74%
Travelers Company Inc. (TRV) $109.97 -2.56%
3M Co. (MMM) $146.82 -2.54%
Visa Inc. (V) $75.70 -2.39%
Johnson & Johnson (JNJ) $100.48 -2.18%
Walt Disney Co. (DIS) $102.98 -2.00%
Nasdaq 100 - Risers
Dollar Tree Inc (DLTR) $78.81 +2.06%
Skyworks Solutions Inc. (SWKS) $77.93 +1.43%
Micron Technology Inc. (MU) $14.33 +1.20%
Ross Stores Inc. (ROST) $54.37 +1.04%
Mattel Inc. (MAT) $27.43 +0.96%
Sba Communications Corp. (SBAC) $105.76 +0.66%
Western Digital Corp. (WDC) $60.40 +0.58%
Staples Inc. (SPLS) $9.52 +0.53%
Bed Bath & Beyond Inc. (BBBY) $48.47 +0.46%
QUALCOMM Inc. (QCOM) $50.12 +0.27%
Nasdaq 100 - Fallers
JD.com, Inc. (JD) $29.53 -8.48%
Tesla Motors Inc (TSLA) $223.41 -6.92%
Amazon.Com Inc. (AMZN) $636.98 -5.76%
Yahoo! Inc. (YHOO) $31.40 -5.59%
Illumina Inc. (ILMN) $181.26 -5.57%
Regeneron Pharmaceuticals Inc. (REGN) $516.55 -4.85%
Incyte Corp. (INCY) $103.32 -4.73%
Liberty Interactive Corporation - Series A Liberty Ventures (LVNTA) $43.35 -3.90%
Biogen Inc (BIIB) $294.50 -3.87%
Netflix Inc. (NFLX) $109.96 -3.86%