Fears of Chinese Money Tightening Sends Global Markets Tumbling

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The Dow Jones Industrial average closed down 3.29 percent, or 415.46 points Tuesday, the biggest one-day point drop since just after Sept. 11, 2001. The Nasdaq fell 3.86 percent. European markets also experienced the biggest single session declines since May 2006. The culprit for this selloff? Fears that the Chinese Central Bank would act to slow a potentially overheated Chinese economy. The Shanghai stock market was the first to tumble on these fears: Shanghai’s Composite Index shed nearly 9% — the biggest decline in a decade — on what analysts said were widespread efforts by investors to cash in on […]

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