Chinese stocks volatile a day after sharp sell-off

Posted at 9:46 AM, Jan 08, 2016
and last updated 2016-01-08 09:46:25-05

BEIJING (AP) — Chinese stocks were volatile today and other Asian markets rebounded after a plunge in Chinese prices rattled global markets.

The Shanghai Composite Index was up 2.4 percent at 3,199.56 by late morning after swinging between gains and losses.

Trading in Chinese stocks was suspended Thursday after a key index plunged 7 percent. China's stock markets have little connection to the rest of its economy but two sharp price declines this week have focused attention on the slowdown in Chinese growth.

Stocks worldwide and oil fell on concern about weaker Chinese demand. On Wall Street, The Dow Jones industrial average sank 392.41 points, or 2.3 percent to 16,514.10. At one point it was down 442 points, or 2.6 percent.

The S&P 500 index gave up 47.17 points, or 2.4 percent, to 1,943.09. The Nasdaq composite index dropped 146.34 points, or 3 percent, to 4,689.43.

Benchmark U.S. crude oil rose to just under $34 a barrel.

The dollar gained against the yen and fell against the euro.