U.S. markets appear to have bounced back from the lows of the morning at midday. NYSE Floor Trader Peter Costa said, ‘I think the markets have found a base and we’ll probably float in this area. Maybe we’ll be up or down a hundred points but I don’t think we’re going to test any circuit breakers today.’ Concerns about China’s economic growth weighed on the minds of traders at the exchange as they saw broad-based declines. Costa said, ‘I would put China at the top of the list causing the correction. I think there are a lot of issues in China that people haven’t addressed directly. You have the world’s second-largest economy trying to sustain a 7.5% growth rate, it’s not going to happen.’ Costa said that order flow indicated most of Monday’s selling was coming from institutions. TheStreet’s Rhonda Schaffler reports from the floor of the NYSE.
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