Market Watch: Chinese Markets Drop Again

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U.S. stocks traded lower Tuesday, after another drop in China’s Shanghai Index dulled investors’ reactions to positive housing data.

Overnight, the Shanghai Index dropped another 6.1%, undoing a week’s worth of slow recovery in a market that’s had a disastrous summer. Renewed concerns over further devaluation of the yuan—China’s main currency—were the culprit yet again.

Domestically, Tuesday’s main data point was new housing start, which reached an eight-year high at 1.21 million in July. The number was seen as good news, and likely helped rescue the major indices from a downturn in reaction to the news from China.

Tomorrow will see the release of minutes from last month’s Federal Reserve meeting, and investors hope for more clues to the timing of the first interest rate hike in almost a decade.

Here are the final numbers from Tuesday on Wall Street:

Dow Jones Industrial Average: 17,511.34 (-33.84)

NASDAQ: 5,059.35 (-32.35)

S&P 500: 2,096.92 (-5.52)

Phil Cannella
Partnered with CBS Radio Network, Phil Cannella reports on the issues most important to the American retiree.
Phil Cannella

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