U.S. markets hammered Tuesday

A

AALARD

Guest
U.S. markets hammered Tuesday

NEW YORK, (UPI) -- U.S. markets plunged Tuesday, following sharp drops in Asia and Europe triggered by fears of slowing growth in China.

Bill Adams, the Conference Board's resident economist in Beijing, said Monday leading economic indicators in China "have been moderating since the middle of last year, suggesting there is no strong basis for assuming accelerating growth."

The Conference Board's report helped spark a sell off in China with the Shanghai composite index down 4.27 percent.

Markets fell more than 1 percent in most of Asia and were off more than 2 percent in most of Europe in midday trading.

In early afternoon trading on Wall Street, the Dow Jones industrial average lost 259.45 points or 2.56 percent to 9,879.07. The Standard & Poor's 500 index lost 31.58 or 2.94 percent to 1,042.99. The Nasdaq composite index lost 76.31 or 3.44 percent to 2,144.34.

The benchmark 10-year Treasury note rose 18/32 to yield 2.96 percent.

The euro fell to $1.2192 from Monday's $1.2274. Against the yen, the dollar fell to 88.51 yen from Monday's 89.4 yen.

In Japan, the Nikkei 225 index lost 1.27 percent, 123.27, to 9,570.67.

In Britain, the FTSE 100 index lost 3.1 percent, 157.46, to 4,914.22.
 
Back
Top