China Rout Has 1,023 Stocks Plunging 10% in One Day
- Concern over escalating trade actions spurs panic selling
- Shanghai Composite Index falls below key 3,000 level
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In a stock market where investors are used to being disappointed, Tuesday’s plunge still shocked.
China’s benchmark equity gauge sank almost 5 percent at one point and by the close, the escalating tensions with the U.S. had sent 1,023 stocks down by the daily 10 percent limit -- or more than one in four. Greasing the losses was the Shanghai Composite Index’s slide below 3,000, a level previously breached during market crashes in 2015 and 2016.