Stock Markets Crashing Downward

Stock Markets Crashing Downward

It started last week when the U.S. Department of Labor reported that in June, the U.S. economy added 114,000 new jobs — far below the number economists had projected.

Then, on Friday, the U.S. stock markets took a hit.

The Nasdaq dropped 2.6% after the jobs report's release.

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The Dow Jones Industrial Average slumped 1.5%, or more than 600 points. The S&P 500 sank 1.8%.

Over the weekend, Berkshire Hathaway announced it had dumped nearly 50% of its Apple stock holdings and sold off a significant holding in Bank of America. In total, Warren Buffett’s Berkshire Hathaway dumped $75.5 billion worth of stock.

On Monday, the Asian markets reacted.

Japan’s Nikkei Stock Average had its worst day since 1987, falling 12.4%.

Other Asian markets also fell, with benchmark indexes in South Korea and Taiwan both down more than 8%. 

As of 10:00 AM EST, the Dow was down more than 1,050 points, 2.66%.

And, the NASDAQ was down more than 700 points and 4%.