Rumors in China Blamed for Market Plunge - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

02.28.07

Rumors in China Blamed for Market Plunge

Floor of the NYSE after opening bell Floor of the NYSE after opening bell

Stocks are back up today...that's after a brutal day on Wall Street. 

On Tuesday, stocks slumped with Dow tumbling more than 400 points.
  

The largest single day point loss in the stock market since 9-11.
  

We spoke with a local investor to break down why this happened.
  

Bill Hall tells NewsChannel 10 rumors spread the Chinese government was going to increase taxation on stock market gains.

In turn causing people to get out their profits, which had a trickle down effect to the United States.
  

Hall says this was a one time glitch and if you have stocks, you should not worry.

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