Well, Happy New Year didn’t exactly have a long shelf life. It’s only January 4 and already the financial world has gone to hell, courtesy of some Chinese fireworks.
U.S. stock indexes tumbled more than 2 percent on the first trading day of 2016 — with the Dow losing more than 400 points — after weak Chinese economic data reignited fears of a global slowdown.
Surveys showed factory activity in the world’s second-largest economy shrank sharply in December, sparking a 7 percent slide in Chinese shares that triggered a trading halt.
Adding to investors’ worries, China’s central bank fixed the yuan at a 4-1/2 year low, further weakening it against the dollar.
Bad news such as this is why my face is developing more lines than Disney World.
A drop like that is healthier than my bar tab.
I would rather find myself under a Kamikaze attack than watch my investments shrink like a Chippendale dancer in a cold swimming pool.
But we must remember that our money is in this for the long haul and stock markets are more volatile than a serial killer with a bad case of Shingles.
What goes up must come down … spinning wheel got to go ’round.
So despite Monday’s stormy news, it didn’t rain hard enough to break out a poncho of despair.