A weak open for US stocks; Chinese market drops sharply

U.S. stocks are getting off to a weak start, continuing a recent stretch of losses.

In China, the Shanghai stock index plunged 8.5 percent Monday, its worst fall since 2007, despite government efforts to calm the market.

Teva Pharmaceutical Industries of Israel jumped 8 percent after saying it would buy Allergan’s generic drug business. Allergan jumped 7.5 percent.

The Dow Jones industrial average lost 133 points, or 0.8 percent, to 17,435 as of 9:35 a.m. Eastern time.

The Standard & Poor’s 500 index lost 13 points, or 0.6 percent, to 2,066. The Nasdaq composite declined 47 points, or 1 percent, to 5,039.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.22 percent.

source – loopjamaica.com

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