The plunge in Asian markets sent ripples through the global market as the world reacted to the 9% meltdown in the Chinese stock market. The Chinese Correction triggered drops and major unease in nearly all financial markets around the world.
After the Chinese market drop, the Dow Jones Industrial Average in the United States dropped a staggering 416 points, or 3.29% from 12,632 to 12,216 amid fears for growth prospects, then the biggest one-day slide since the September 11, 2001 terrorist attacks. The S&P 500 saw an even more catastrophic 3.45% slide. Sell orders were made so fast that an additional analysis computer had to be used, causing an instantaneous 200 point drop at one point in the Dow Industrials.