Economics
U.S. Stocks Tumble as China Slowdown Deepens Concerns on Growth
- Weak Chinese manufacturing data spurs declines globally
- IMF's Lagarde says global growth outlook worse than in July
Inside the Uncertainty and Fear in the Markets
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U.S. stocks joined a worldwide selloff, after equities’ worst month in more than three years, amid continuing concerns that China’s slowdown will weigh on the global economy.
Energy shares fell for the first time in five sessions as oil retreated after the commodity’s strongest three-day rally since 1990. Exxon Mobil Corp. and ConocoPhillips slumped more than 2.8 percent. Banks were among the hardest hit, with Citigroup Inc., Bank of America Corp. and JPMorgan Chase & Co. losing at least 4.1 percent. Apple Inc. and Microsoft Corp. sank more than 3.9 percent to drag down technology shares. Copper producer Freeport-McMoRan Inc. dropped 8.2 percent.