Stocks closed lower Monday as social unrest from China’s prolonged Covid restrictions weighed on markets.
The Dow Jones Industrial Average lost 497.57 points, or 1.45%, to end at 33,849.46. The S&P 500 dropped 1.54% to end at 3,963.94. The Nasdaq Composite ended down 1.58% to close at 11,049.50.
Monday’s selloff was driven by demonstrations that broke out in mainland China over the weekend as people vented their frustrations with Beijing’s zero-Covid policy. Local governments tightened Covid controls as cases surged, even though earlier this month Beijing adjusted some policies that suggested the world’s second-biggest economy was on its way to reopening.
The developments reverberated across global markets in Monday trading, with West Texas Intermediate crude futures briefly dipping to their lowest price since last December.
https://www.cnbc.com/2022/11/27/stock-futures-slip-after-a-winning-holiday-week-.html---------
The market was definitely in reaction mode today.
China not only produces alot of our stuff, but they also buy alot of dollar denominated financial products, especially our debt.
Economic disruptions in their economy is not a good thing for us.