Stock Market Falters in Past Week.
WHITFIELD: All right, it was a rough week on Wall Street. The Dow Jones plummeted 531 points on Friday, adding to its worst week since 2011. CNN money correspondent Alison Kosik joins us now from New York with more on this. So is there any reason to believe things might turn around quickly?</s>ALISON KOSIK: Sure. You know, why not? I mean, there are different schools of thought here as to what could happen on Monday, and there are those who are saying it could be glass half full on Monday. Saying that, look, this selloff that we saw on Friday was intensely oversold. Many saying look, the S&P 500 is not in a correction yet. It still has two percent to go. There are other indices that are not in a correction either. So some say this could wind up being a bargain hunting moment for those investors who have a strong stomach. On the other hand, what really is going to be a telltale sign of what could happen here in the U.S. on Monday is what happens actually Sunday night. We're going to be watching the Asian markets very closely, because this is going to be the first time for Asia to react to what happened here in the</s>U.S. WHITFIELD: So besides Asia, particularly China, what were some of the other contributing factors that caused Friday's selloff?</s>KOSIK: You know, this has really been a perfect storm that's been brewing for a very long time. But then you've got this pile-on effect. You mentioned China. China's economy has been slowing for a long time. And the thing is, it's kind of a known thing that China manipulates its economic data. But here's the thing. In the past month, China has been very publicly propping up its economy. It's been propping up its markets. And now there's this perception that China is kind of losing its grip on how it's engineering the situation. So it's raising a lot of questions, maybe China is in worse shape than we thought. This is a big deal to the U.S. because China is one of our biggest trading partners. A lot of U.S. companies make a big chunk of their sales and revenue from China, and if China's economy is worse than we thought, that's why you're seeing this sort of rejiggering of stock prices going on in the stock market. Also earnings seasons, second quarter earnings season is winding down. Wasn't a stellar one. So investors are looking at that. And they're also worried because there are two things that can crater a market. You've got sales and revenue down with second quarter earnings season, and then the prospect of possibly tightening, or raising interest rates. That is what the Fed is expected to do in September. And that's also why you're seeing that nervousness. One trader telling me today, though, Fredricka, if the Fed comes out in the next couple of days, maybe even this weekend saying, listen, we're not going to raise interest rates, that could calm the market. We shall see.</s>WHITFIELD: All right, there's a little hope then. Appreciate it. Alison Kosik, appreciate it. And we'll be right back.