9/20, 6:37 PM (Source: TeleTrader)
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US markets extend losses, Dow loses over 700 points

Wall Street markets traded deep in red during the Monday session with Dow Jones plunging over 2% or 700 points. Experts are pointing out that US stock indexes are experiencing the worst trading day in weeks. S&P 500 had 10 of its 11 sectors declining.

Most of the worries circulate around China Evergrande Group that could potentially collapse following Beijing's crackdown on debt. Traders fear the consequences of the fall will spill over to global markets as the firm's debt burden is the biggest for any publicly traded real estate management or development company in the world.

The Dow lost 2.07% at 12:48 pm ET, while S&P 500 was down 2.11%. Nasdaq 100 dropped by 2.50%. The euro remained flat against the dollar exchanging hands for $1.17294.

Breaking the News / LH