Major US markets closed lower on Tuesday as the Dow Jones posted a drop of more than 360 points. During the day, financial stocks and banks fell after Fitch Ratings warned that it may have to cut the credit ratings of numerous American banks.
Investor sentiment has been negative after China reported disappointing economic data and the central bank made a surprise rate cut. Meanwhile, on the data front, it was known that retail sales in July went up by 0.7%, and the home builder confidence went down more than expected in August.
At the close, the Dow Jones lost 1.02% or 361 points, with Dow sinking 3.36%. The Nasdaq 100 fell 1.10%, Paypal was leading the flops, decreasing by 6.01%. The S&P 500 declined 1.16%, as Discover dropped by 9.44%.
The euro was flat against the dollar at 3:58 pm ET, selling for $1.09056.
