- Stocks finished with steep losses as data showing a contraction in China's manufacturing activity sparked worries that the country's recent slowing momentum is carrying over into the new year.
- "This is the first time in many weeks that we've seen this kind of across-the-board volatility," one strategist said, as the VIX rose 7.2% for its fourth consecutive advance.
- The data triggered a selloff in riskier emerging market shares and currencies, and helped boost prices of Treasurys and gold; the 10-year Treasury yield dropped 9 bps to 2.779%, while and gold rose 1.9% to $1,262.30.
- Netflix surged 16.5% after beating earnings estimates and guiding higher, but the broader market failed to respond despite several better than expected quarterly reports.
Stocks sink on China fears, Dow finishes at five-week low
Jan 23 2014, 16:15 ET