Dow Plummets 1000 Points, Then Recovers

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When the New York Stock Exchange opened this morning, the Dow Jones Industrial Average plunged a thousand points before starting to work its way back up. At the White House, Press secretary Josh Earnest said Treasury Secretary Jacob Lew has sent a message to officials in China, "that they should continue to pursue financial reform to increase exchange rate flexibility and to move rapidly toward a more market determined exchange rate system" Earnest also had a message for Congress. "One of Congress' most important responsibilities is to pass a budget for the federal government and it's our view that Congress should pass a budget on that time that reverses sequestration and avoids a shutdown" David Rothkopf is CEO and editor of Foreign Policy magazine.