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U.S. Stocks Decline With Global Markets as China Devalues Yuan
by Oliver Renick
Bloomberg.com
U.S. stocks slid, following equities’ biggest gain since May, as China’s currency devaluation sparked concern across global markets that the world’s second-largest economy is headed for a deeper slowdown.
Companies that rely heavily on exports to China, including auto and luxury goods makers, retreated. General Motors Co. and Tiffany & Co. lost more than 2.8 percent. Apple Inc. sank 5.1 percent. Commodity producers from Freeport-McMoRan Inc. to Dow Chemical Co. fell at least 2.7 percent amid concerns about China’s growth. Google Inc. advanced 3.8 percent after saying it will reorganize into a holding company called Alphabet Inc.
The Standard & Poor’s 500 Index declined 1.3 percent to 2,077.44 at 2:16 p.m. in New York, headed for its worst drop in a month. The Dow Jones Industrial Average slumped 258.02 points, or 1.5 percent, to 17,357.15, erasing yesterday’s 1.4 percent rally. The Nasdaq Composite Index decreased 1.7 percent.
Continue Reading at Bloomberg.com…
Source: http://financialsurvivalnetwork.com/2015/08/u-s-stocks-decline-with-global-markets-as-china-devalues-yuan/?utm_source=rss&utm_medium=rss&utm_campaign=u-s-stocks-decline-with-global-markets-as-china-devalues-yuan
