U.S. Stocks Plunge on China Trading Halt; Oil Falls Below $33

U.S. stocks took a dive at the open on Thursday in response to further instability in China. After just 30 minutes of trading, circuit breakers in China halted trading – the benchmark Shanghai Composite Index fell 7.2 percent. 'I'm not really sure what they're hoping to achieve because as soon as the stock market closes, you're going to exacerbate the panic,’ said Michael Hewson, chief market analyst at CMC Markets, based in London. Meanwhile, oil prices hit a 12-year low with West Texas Intermediate slumping. It's the worst start to the year for crude oil, ever. China’s troubles creeped into the oil market, as the yuan was devalued against the dollar by the biggest amount since last August. Drugstore chain Walgreens Boots Alliance (WBA) reported first quarter earnings of $1.03 a share, that was $0.07 ahead of estimates. Revenue just missed expectations. TheStreet’s Scott Gamm reports from Wall Street.