Dow sheds 600 points for its worst day since July on fears of contagion from China real estate [ Video ]
S tocks slumped on Monday, sending the Dow Jones industrial average to its biggest drop in months on worries that one of China’s largest property developers could default on billions of debt, which could threaten to spill over into other parts of the global economy. The blue-chip index shed 614 points, or 1.8%, to 33,970.47, its worst sell-off since July. The S&P 500, the benchmark used for most mutual funds, fell 1.7%, its biggest decline since May. The benchmark index hasn’t posted a decline of more than 1% since mid-August. It’s also coming off two weeks of losses and is on track for its first monthly decline since January. Technology companies led the broader market lower, with the Nasdaq falling 2.2%. Apple dropped 2% and chipmaker Nvidia shed 3.6%. A number of factors have weighed on investors in recent weeks. Worries about debt-engorged Chinese property developers — and the damage they could do to investors worldwide if they default — rippled across global markets...