Stocks closed broadly lower on Wall Street, capping a day of declines worldwide, after discouraging data on China raised worries about the global economy.
The S&P 500 fell 1.2% Tuesday after reports indicated a deepening slump for the world’s second-largest economy. The Dow dropped roughly 361 points, and the Nasdaq sank 1.1%.
A separate report on the U.S. economy showed sales growth at retailers accelerated last month. That raises hopes the U.S. economy can avoid a recession. But in a downside for markets, it also heightens the threat that the Federal Reserve will keep interest rates high for longer to snuff out inflation.
On Tuesday:
The S&P 500 fell 51.86 points, or 1.2%, to 4,437.86.
The Dow Jones Industrial Average fell 361.24 points, or 1%, to 34,946.39.
The Nasdaq composite fell 157.28 points, or 1.1%, to 13,631.05.
The Russell 2000 index of smaller companies fell 24.74 points, or 1.3%, to 1,895.75.
For the week:
The S&P 500 is down 26.19 points, or 0.6%.
The Dow is down 335.01 points, or 1%.
The Nasdaq is down 13.80 points, or 0.1%.
The Russell 2000 is down 29.36 points, or 1.5%.
For the year:
The S&P 500 is up 598.36 points, or 15.6%.
The Dow is up 1,799.14 points, or 5.4%.
The Nasdaq is up 3,164.56 points, or 30.2%.
The Russell 2000 is up 134.51 points, or 7.6%.
Sourse: abcnews.go.com
