US stocks had their biggest drop since May as traders worried about potential ripple effects if a debt-laden Chinese real estate company defaults. The S&P 500 fell 1.7% Monday….
(Newser) – US stocks had their biggest drop since May as traders worried about potential ripple effects if a debt-laden Chinese real estate company defaults. The S&P 500 fell 1.7% Monday. It had been down as much as 2.9% earlier. Hong Kong’s main index dropped 3.3%, its biggest loss since July, over worries that the huge Chinese developer Evergrande could collapse. The yield on the 10-year Treasury note dropped to 1.31% as investors turned to lower-risk assets.
