The new year’s stock-market rout deepened Wednesday, dragging the Dow Jones Industrial Average down almost 10% from its highs of late last year and sending investors flocking to safety.
The Dow ended the day perilously close to what traders call correction territory, defined as a drop of 10% or more from a recent peak. The broader S&P 500 and Nasdaq Composite indexes are already in correction mode, having endured a swift and tumultuous descent in just two weeks.
The selloff continued early Thursday in Asia. The Shanghai Composite Index breached its lows from last summer’s crash, but recovered some of the losses and at lunchtime was down 1.2%. A strengthening yen, which hurts Japanese exporters, drove Japan’s Nikkei Stock Average down 3.7%.
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