Stocks Trade Near Lows as Crude Falls 7% - TheStreet.com
NEW YORK ( TheStreet ) -- Stocks hovered at deep lows by mid-afternoon Tuesday as crude oil snapped a three-day rally to close below $46 a barrel. The Dow Jones Industrial Average fell back into a correction on Tuesday as fears over a slowdown in China persisted. The S&P 500 was down 2. 4%, and the Nasdaq slid 2. 2%. The declines are a worrying start to the new month after benchmark indexes closed out August, their worst month since May 2012. Oil prices pulled back from Monday's highs on concerns over... "Crude's surge heading into today has been aided by a combination of a sharp drawdown in U. S. crude stocks, downward revised U. S. production numbers, and a signal from OPEC that the cartel is open to measures designed to boost oil prices," said... "Looking forward, crude will look to this evening's API stock numbers, as well as tomorrow's EIA Weekly Petroleum Report for guidance amid ongoing volatility. China's official Purchasing Managers' Index slid to 49. 7 in August, down from 50 in July, its worst reading in three years. Separately, the Caixin China manufacturing PMI fell to its lowest level since March 2009, down to 47. 3 in August. Source: www.thestreet.com
