Market Watch: Stocks Tumble As Investors Turn To Fed

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U.S. stocks were down Wednesday, as another turbulent day in the Chinese market had spillover effects to the United States.

The Shanghai Index tumbled another 5% within Wednesday’s session, before recovering to finish up more than 1%. But the intra-day volatility impacted other Asian markets such as Japan and Singapore, which both finished sharply down for the day.

Meanwhile, domestic investors had a chance to react to the minutes from the Federal Reserve’s July meeting, where the central bank indicated that conditions were “approaching” the desired levels for the first interest rate hike in a decade. Global growth slowdown have many investors now believing it will be another few months before the first rate hike occurs.

Oil prices remained at six-year lows, dropping another 4% after word of another surplus in production. The price now stands at $40.62 per barrel.

Here are the closing numbers from Wednesday on Wall Street:

Dow Jones Industrial Average: 17,348.73 (-162.61)

NASDAQ: 5,019.05 (-40.29)

S&P 500: 2,079.61 (-17.31)

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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