Stocks Spiral Lower After Weak Chinese Factory Data Trigger Oil Market Rout, Equity Sell-Off
Stocks were significantly lower Tuesday after weak factory data rekindled worries over China's sputtering economy and its likely impact on global economic growth as well as demand for oil and industrial metals. Energy stocks, in particular, fell hard, helping fuel a broad-based selloff on Wall Street that sent all 10 sectors of the S&P 500 in the red. The Dow Jones Industrial Average this afternoon was down over 350 points, again falling into correction mode while the Nasdaq Composite index has turned lower for the year.
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