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Stocks are getting destroyed
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Stocks are having their worst day of the year.
After a chaotic morning in global markets, US stocks have been getting buried and taken another turn lower near 2:00 pm ET.
Near 2:00 pm ET, the Dow was down 337 points, the S&P 500 was down 28 points, and the Nasdaq was down 85 points.
All of the major averages were off more than 1.3%, with the Dow and Nasdaq falling more than 1.7%.
Earlier on Friday, stocks in China were rocked, falling more than 5%, and stocks in Europe sold off.
In China, stock-index futures were down more than 5% in after-hours trading, with the move set off by regulators clamping down on the use of shadow financing to buy stocks and expanding the supply of shares available for short sellers, according to Bloomberg News.
This means, basically, that it just got harder to buy Chinese stocks and it's easier to bet against them. Tough for a market that's almost doubled in the last year.
Stocks in Europe also got crushed on Friday, with indexes in Italy and Spain falling more than 2%, while the Dax in Germany lost 2.6%, the CAC in Paris lost 1.5%, and the FTSE in London fell 0.9%.
And, of course, there were headlines out of Greece. According to a report from Kathimerini, one of Greece's largest newspapers, central banks in Albania, Bulgaria, Cyprus, Romania, Serbia, Turkey and the Former Yugoslav Republic of Macedonia have all forced the subsidiaries of Greek banks operating in those countries to bring their exposure to Greek risk — including bonds, treasury bills, deposits to Greek banks, and loans — down to zero.
To top it off, there was also a massive outage in Bloomberg terminals on Friday morning.
On the economic data front, US consumer prices rose less than expected in March, consumer confidence rose to the second-highest level since 2007, and in corporate news US conglomerate General Electric reported earnings that missed on revenue and American Express were down almost 5% following a disappointing earnings report.
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