I was shocked when I heard the bell stop trading. It was the first time circuit breakers had been triggered since their introduction after the 1987 crash. But the break seemed to unnerve traders. The market reopened to another wave of selling.
Most analysts expect more surprises during the rest of the year.
They have outperformed the market in recent months. Latin American stocks also got pounded. European stocks are somewhat safer, though there will be very little global shelter if the crisis in Asia deepens. Central banks are emptying their vaults of gold to chase higher returns in stocks and bonds. Falling demand in Southeast Asia won't help.