Run Away!!

Man, does China have us by the short ones or what? Reuters (02.27.07):

"Stocks fell sharply in heavy trading on Tuesday after Chinese stocks suffered their worst one-day sell-off in a decade and a weak U.S. economic report reignited concerns about a slowdown in global growth.

The major U.S. indexes tumbled more than 1 percent in the first hour, following a rout in global stock markets, amid fears that Chinese authorities would crack down on stock market speculation."

Wall St. drops on China, economic fears

UPDATE: How's your 401(k) feel today? Bloomberg (02.27.07):

"U.S. stocks fell the most since March 2003 as a plunge in Chinese shares sparked a global selloff and raised concern that investors will dump equities after a four- year bull market."

U.S. Stocks Tumble Most Since 2003 on China Plunge, Orders Drop

Holy crap! At one point, the Dow was off over 500 points.