Fears of a crash landing in China's economy sent stocks diving around the world on Monday, the first trading day of the year. The global selloff was caused by a new report that showed China's manufacturing sector contracted at the end of 2015. Stocks in China fell so badly that trading was halted for the first time ever.
In early trading, the Dow declined 400 points, while the S&P 500 lost 2.2% and the Nasdaq dropped 2.8%.
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