US markets close in correction territory on China worries

Dow Jones and Nasdaq suffer falls

A number of US stock exchanges closed in correction territory yesterday as continuing problems in China and falling oil prices spooked investors.

The Dow Jones closed down 2.3%, or 392 points lower, at around 16,514, leading the index to more than 10% below its 52-week intraday high and placing it in correction territory, according to CNBC.  Meanwhile, the Nasdaq also entered correction territory yesterday, posting losses of 3%, while the S&P 500 was down 2%, and 9% away from its 52-week intraday high. This comes despite China abandoning its market circuit breaker earlier in the day, a mechanism which had caused markets to shut twice this week and after just half an hour in Thursday's trading session. Reuters also reported t...