As U.S. stocks joined a global selloff to mark their biggest weekly
decline since 2011, economists and investors cut their projections of
what was already lackluster U.S. economic growth.
Markets around the world registered their distress after an August gauge of factory activity in China dropped to a more-than six-year low. The index came on the heels of worse-than expected July data on exports, industrial output and retail sales from that nation, the world's second-largest economy.
"China's weakness and response to its own weakness is rippling throughout the global feedback mechanism," Jim Russell, a principal and portfolio manager at Bahl and Gaynor, which manages and oversees $14 billion in assets, told CBS MoneyWatch.
The nosedive on Wall Street wasn't spurred only by mounting concerns over the People's Republic."Weakness... is not limited to China," analysts with Oxford Economics said in a note. "The Brazilian economy is in shambles, while the latest data from Russia showed the economy falling further into recession in the second quarter."
The S&P 500 issues lost $1.14 trillion in market value this week, or $1.07 trillion if adjusted for float, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.
On the New York Mercantile Exchange, West Texas Intermediate oil for October delivery fell below $40 a barrel for the first time since 2009, before ending at $40.45, down 2.1 percent.
Read more: Carnage on Wall Street signals fears about U.S. economy - CBS News
Markets around the world registered their distress after an August gauge of factory activity in China dropped to a more-than six-year low. The index came on the heels of worse-than expected July data on exports, industrial output and retail sales from that nation, the world's second-largest economy.
"China's weakness and response to its own weakness is rippling throughout the global feedback mechanism," Jim Russell, a principal and portfolio manager at Bahl and Gaynor, which manages and oversees $14 billion in assets, told CBS MoneyWatch.
The nosedive on Wall Street wasn't spurred only by mounting concerns over the People's Republic."Weakness... is not limited to China," analysts with Oxford Economics said in a note. "The Brazilian economy is in shambles, while the latest data from Russia showed the economy falling further into recession in the second quarter."
The S&P 500 issues lost $1.14 trillion in market value this week, or $1.07 trillion if adjusted for float, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.
On the New York Mercantile Exchange, West Texas Intermediate oil for October delivery fell below $40 a barrel for the first time since 2009, before ending at $40.45, down 2.1 percent.
Read more: Carnage on Wall Street signals fears about U.S. economy - CBS News
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