U.S. Stocks Fall on China Slump; S&P 500 Hits 9-Week Low
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U.S. stocks fell, sending the Standard & Poor’s 500 Index to a nine-week low, after Chinese equities entered a bear market amid concern a cash crunch will hurt growth and as investors weighed the impact of a possible reduction in the Federal Reserve’s monetary stimulus.
Bank of America Corp. and Citigroup Inc. slid 3.1 percent as banks led losses. Apple Inc. fell 2.7 percent after Jefferies & Co. lowered the stock’s price target amid a glut of unsold iPhones. Allergan Inc. tumbled 12 percent amid analyst downgrades. Vanguard Health Systems Inc. surged 67 percent after agreeing to be bought by Tenet Healthcare Corp. for about $1.8 billion.