AUSTERITY. The Chinese Government Asked The People Not To Buy American Products, And The Global Market Comes Down.

Apple warning of weak sales in China sends US stocks sinking.

Img property of Richard Drew /AP.

Companies that make heavy machinery such as construction equipment are facing less demand as China's economy, the largest in the world after the U.S., loses strength. They are also dealing with higher costs for metals as a result of tariffs.
Markets overseas also stumbled. Germany's DAX dropped 1.5 percent and the French CAC 40 fell 1.7 percent, and Britain's FTSE 100 gave up 0.6 percent. In Asia, tech-related stocks suffered most. South Korea's Kospi ended 0.8 percent lower and Hong Kong's Hang Seng gave up 0.3 percent.
Oil prices edged higher. U.S. crude rose 0.4 percent to $46.71 a barrel in New York and Brent crude rose 1.1 percent to $55.50 a barrel in London. Oil prices have nosedived almost 40 percent since early October, and investors' fears about falling demand in China and elsewhere were a key reason for the decline.
The dollar weakened. It fell to 107.84 yen from 109.21 yen. The euro rose to $1.403 from $1.344. The British pound fell to $1.2638 from $1.2690. Please Read More Here