U.S. Stocks Fall for Second Day as China Growth Concerns Weigh
Thursday, 13 August 2015 00:10 WIB |
MARKET UPDATE |Saham AS
U.S. stocks dropped, with the Standard & Poor 500 Index briefly erasing its 2015 gain, amid concern that a slowdown in China economy will weigh on global growth.
Companies with substantial sales in China fell further after Tuesday selloff. Yum! Brands Inc. and Wynn Resorts Ltd. declined at least 2.9 percent. Citigroup Inc. and Bank of America Corp. lost more than 2 percent. Alibaba Group Holding Ltd. sank 6 percent to an all-time low, and Yahoo! Inc. slumped 5.3 percent.
The S&P 500 declined 0.8 percent to 2,068.44 at 12:43 p.m. in New York, below its average price during the past 200 days, after falling as much as 1.5 percent. The Dow Jones Industrial Average was at a six-month low, down 138.19 points, or 0.8 percent to 17,264.65. The Nasdaq Composite Index decreased 0.9 percent to a one-month low.
The S&P 500 dropped the most in more than two weeks Tuesday as China devalued its currency, sparking worries that the world second-largest economy is faltering. The U.S. benchmark index had the biggest reversal since last October selloff, erasing three-quarters of Monday gain an advance that itself had wiped out the previous week decline.
Source : Bloomberg