On Thursday, the Dow Jones Industrial Average fell 358 points to 16,991, as global stocks tumbled. Stocks mainly fell on concerns over the Federal Reserve's looming interest rate hike combined with worries about global growth. Apple (NASDAQ: AAPL), a notable member of the Dow Jones, fell 2 percent on the day. Shares continued their crash Friday as the Dow index average fell below the 16,700 mark.
The Federal Reserve also just stated that the time for a rate hike is 'approaching.'
Global Growth Concerns
Possibly the biggest global market concern among investors is the continuously poor performance of China shares. Investors are remaining cautious, as China's CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 3.2% and the Shanghai Composite Index lost 3.4%. China is now in a bear market.
In addition the Kazakh tenge plunging by 23% and the Russian ruble losing nearly half of its value on the year.
Another worry that investors have is the U.S. weekly jobless claims statistic. Initial claims for state unemployment benefits increased 4,000 to a seasonally adjusted 277,000 for the week ended Aug. 15, the Labor Department said on Thursday. This is the fourth-straight week jobless claims rose, which hasn't happened since August 2010.
Seeing as the Dow is one of the oldest and most watched indexes in the world, investors will be very conscious of this skid.