US Stocks Suffer Biggest Slump in 119 Years

US stocks tumbled after China's stock market crashed seven percent overnight on Thursday and crude fell to the lowest level in more than 12 years.

 

 

 

In the recent four days, the Dow Jones index has plummeted 911 points, or more than five percent so far in 2016, making it the worst four-day percentage loss to start a year on record since 1897.

 

"Investors have started the new year in panic mode," Ed Yardeni, president of investment advisory Yardeni Research, told CNN Money.

On the morning of January 4, the Dow dropped by 450 points, or 2.5 percent. The S&P 500 dropped by 2.1 percent.

According to Bloomberg, the biggest drop in the first trading day of the year – by 6.9 percent – was seen in 1932, during the Great Depression. In 2001, the Dow plunged by 2.8 percent as part of the dot-com collapse crisis