U.S. stocks tumbled to three-month lows, following equities around the world after China weakened its currency, stoking investor concern that a slowdown in the world’s second-largest economy will damp global growth.
Energy and raw-material companies in the Standard & Poor’s 500 Index led the selloff, losing at least 2.6 percent as China’s move revived the angst that sent financial markets into turmoil last summer. Chevron Corp. declined 3.9 percent, while copper producer Freeport-McMoRan Inc. slid 8 percent. Six of the benchmark’s 10 main industries dropped at least 1 percent.
The S&P 500 lost 1.3 percent to 1,990.40 at 4 p.m. in New York, trimming a drop of as much as 1.9 percent while sliding to its lowest level since Oct. 6.
Source : Bloomberg