RE:RE:RE:Many are disappointed.
(Kitco News) - The New York Stock Exchange (NYSE) has warned investors that if equity markets continue to fall with the S&P 500 Index dropping 7% during the session, they will halt trading for 15 minutes.
So far, it looks like the NYSE won’t have to trigger a market circuit breaker as equities have managed a bounce off its lows since the start of the trading session. Shortly after North American equity markets opened, a wave of selling pressure pushed the S&P down to a low of 1,831 points, a fall of more than 5%. However, those losses have been cut almost in half with the S&P last trading at 1,918 points, down 2.7% on the day.
The NYSE said they would halt trading for 15 minutes if the 7% threshold was breached anytime between the open and 3:25 p.m. EDT. A second halt would be triggered if the S&P fell more than 13% in the trading day. If the S&P falls more than 20% then trading would be halted for the entire day.
The selloff in North American Markets was caused as investors were spooked by an 8.5% drop in Chinese markets overnight. The rout in the Shanghai index was the indices biggest decline since February 2007.