iStock/Thinkstock(NEW YORK) — An unhappy New Year for the markets after the first day of trading.
The Dow Jones Industrial Average plummeted 276.09 (down 1.58 percent) to close at 17148.94.
The Nasdaq fell 104.32 (down 2.08 percent) to finish at 4903.09, while the S&P 500 ended the session at 2012.66, down 21.86 (1.53 percent) from its open.
Crude oil was also lower at about $36 per barrel.
What caused the triple-digit tumbling? The Shanghai composite fell about 7 percent which sent ripples throughout global markets. China holds the world’s second largest economy and the collapse in stocks is further evidence spanning from last year to the new year that the country’s economy is slowing. Investors are also concerned over tensions in the Middle East with Saudi Arabia and Iran and what that might do to oil and global security.
Among the biggest losers of Monday, Netflix and Amazon with posted losses of 3.86 percent and 5.76 percent respectively.
As the rest of the market falls, positive news for gunmakers with shares in firearms surging. Among the biggest stock gains Smith & Wesson Holding Corporation finishing 5.91 percent higher on Monday and Sturm, Ruger & Company finishing up 2.99 percent. Olin Corporation, a manufacturer of ammunition, jumped 1.80 percent at the close. The firearms stock gains come as President Obama is expected to reveal executive actions on gun control on Tuesday after discussing potential options with Attorney General Loretta Lynch Monday.
General Motors announced Monday that the auto-maker would invest $500 million in ride-sharing start-up Lyft. As part of the partnership, GM will work with Lyft to develop on-demand, self-driving cars. GM President Daniel Ammann will also join the ride-sharing service’s board of directors. In a statement, Lyft president and co-founder John Zimmer said, “Working with GM, Lyft will continue to unlock new transportation experiences that bring positive change to our daily lives. Together we will build a better future by redefining traditional car ownership.”
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