U.S. shares headed
toward three-month lows, mirroring declines in equities around the world
after China weakened its currency, stoking investor concern that
weakness in the world’s second-largest economy will drag down global
growth.
Energy and
raw-material companies in the Standard & Poor’s 500 Index sank at
least 2.6 percent as China’s move revived the angst that sent financial
markets into turmoil last summer. Chevron Corp. declined 4 percent,
while copper producer Freeport-McMoRan Inc. slid 6.3 percent. Losses
were broad as all 10 of the benchmark’s main industries retreated.
The S&P 500 lost
1.1 percent to 1,995.07 at 12:35 p.m. in New York, on track for its
lowest level since Oct. 14. The Dow Jones Industrial Average fell 213.63
points, or 1.3 percent, to 16,945.03, with the gauge on pace for its
worst three-day start to a year since 2008. The Nasdaq Composite Index
dropped 1 percent. Trading in S&P 500 shares was 22 percent above
the 30-day average for this time of day.
Source : Bloomberg
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