U.S.
stocks slid, following equities’ biggest gain since May, as China’s
currency devaluation sparked concern across global markets that the
world’s second-largest economy is headed for a deeper slowdown.
The
Standard & Poor’s 500 Index declined 0.9 percent to 2,084.35 at 4
p.m. in New York, with the gauge holding above its average price during
the past 200 days.
China
devalued the yuan by 1.9 percent, the most in two decades, after data
this month showed a plunge in exports, weaker-than-estimated
manufacturing and a slowdown credit growth. The surprise move rippled
through global markets, sparking selloffs in emerging-market currencies,
commodities, and auto and luxury stocks with exposure to China.
A
rally in commodities from oil to copper helped the S&P 500 jump 1.3
percent Monday. Those trades largely reversed today on concern demand
from China, the world’s biggest consumer of energy and metals, will slow
and yuan weakness will erode the buying power of Chinese consumers.
Similar worries about the country’s growth helped send the benchmark
index down as much as 4 percent last month from its May record.
Source : Bloomberg
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