U.S. stocks were down on Tuesday, as the major indices attempted to move out of correction territory after another disastrous day Monday.
The Dow just wrapped up its worst three-day stretch in history, losing a total of 1,477 points since Thursday—approximately 9% of the Index’s total value. While Tuesday was being touted as a major rally, in reality the gains faded throughout the day, as the market woes continued.
On the other hand, the news was no better in China as the Shanghai Index fell another 7.5% overnight to reach its lowest point of 2015. Global economists were beginning to question the ability of the Chinese government to stop this tailspin.
Economic data continues to take a back seat, but new home sales figures for July came in at the expected level this morning. Oil struggled to re-attain the $40 per barrel mark many economists have cited as a crucial support point.
The Dow rallied to recover as much as 425 points, but saw those gains disappear by late-afternoon. By the clsoe of business, it was clear the correction had further to go.
Here are the final numbers from Tuesday on Wall Street:
Dow Jones Industrial Average: 15,666.44 (-204.91)
NASDAQ: 4,506.49 (-19.76)
S&P 500: 1,867.61 (-25.60)