U.S. Markets Nosedive Amid China Fears

(Photo by Spencer Platt/Getty Images)

The ripple effects of the Chinese currency devaluation earlier this month continue to drive investors’ fears as U.S. markets saw the second biggest single-day drop on Thursday.

The S&P 500 lost more than 2% of its value and the Dow dropped more than 350 points at the close of trading, only hours after European markets saw a similar drop of 2%

Driven also by concerns that the Fed may still move forward on its anticipated increase in interest rates after an unofficial end to quantitative easing, investor offloaded massive tranches of stock.

What’s more, oil has hovered this week near its historic ten-year low of just over $40 per barrel which continues downward pressure on unemployment with scores of small and medium sized service businesses going under.