Markets plunge over global economic concerns

Global economic concerns sent the markets tumbling during the midday with the Dow plunging 102 points to 18,302. Nasdaq plummeted 43 points to 5,141.


Imax signed a deal with Wanda Cinema Line to expand its presence in China by building an additional 150 theaters. Imax will have a total of 742 theaters once construction is complete. Each screen in China averaged $325,300 in the second quarter while North American screens averaged $225,900.


U.S. automakers reported lower sales in July with General Motors posting a 1.9% drop while Ford sales fell 2.8%. Nissan reported a 1.2% gain. Sales of Honda vehicles climbed an impressive 4.4%. The average price of a new vehicle rose 2.5% from last year to $34,264.


Instagram introduced its new Instagram Stories feature which allows users to post photos and videos that disappear after 24 hours. The new format copies Snapchat Stories. Instagram has approximately 500 million monthly active users and 300 million daily active users, about twice as many daily users that Snapchat has.


In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq. The broader S&P 500 tumbled 15 points to 2,155. Bitcoin plunged $38 to $576.

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