U.S. Stocks Drop Sharply on First Trading Day of 2016 📉

Shares on Wall Street tumbled Monday, following sharp losses in China and Europe.<br />U.S. stocks started 2016 with their biggest intra-day selloff since September 2015.<br />The Dow dropped 423 points, or 2.4 percent, to 17,002 at 12:25 p.m. Eastern.<br />The S&P 500 shed 2.3 percent, or 48 points, to 1,995 and the Nasdaq fell 2.8 percent, or 141 points, to 4,866.<br />Overnight, Chinese markets dropped nearly seven percent, and so-called circuit breakers halted trading.<br />The drop led the Shanghai and Shenzhen stock markets to halt trading for the remainder of Monday to avert steeper falls, the official Xinhua News Agency said.