DJIA: 16,058.35  -469.68 (-2.84%) | NASDAQ: 4,636.105  -140.403 (-2.94%) | S&P 500: 1,913.85  -58.33 (-2.96%) Markets status unavailable

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    Investors hoping that unsettled markets will persuade the Federal Reserve to hold off on raising short-term interest rates later this month aren't getting any help from U.S. consumers. Weak manufacturing figures from China on Tuesday and a decline in South Korean exports that underscored how China's woes are spreading to other parts of Asia rattled markets. The Dow Jones Industrial Average fell nearly 470 points and has more than halved last week's snapback rally.

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    U.S. stocks closed down sharply Tuesday after disappointing manufacturing data in China reignited investors’ concerns about the global economy.All of the major indices fell nearly 3 percent Tuesday and are in negative territory for the year.Markets were shaken by a report that manufacturing activity in China, the world’s second-largest economy, was at its lowest level in three years. That helped spark a global sell-off.“People are worried that China is going to drag all of us into a global recession,” said Joe Fath, manager of the T. Rowe Price Growth Stock Fund.The Dow Jones industrial average dropped 470 points, or 2.8 percent. The decline sent the Dow back into correction territory, meaning the index is down at least 10 percent from its most recent high. The Standard & Poor’s 500-stock index fell 58 points, or 3 percent. The tech-heavy Nasdaq tumbled by 2.9 percent.Abroad, the STOXX Europe 600 index fell 2.7 percent Tuesday. In China, the Shanghai Composite Index declined 1.2 percent.Worries of a global slowdown were also fueled by comments from Christine Lagarde, managing director of the International Monetary Fund. In a speech at the University of Indonesia, Lagarde was positive about growth in Asia, the “region is still expected to lead global growth.” But she also cautioned that the market volatility could further slow growth.“Other emerging economies, including Indonesia, need to be vigilant to handle potential spillovers from China’s slowdown and tightening of global financial conditions,” Lagarde said.Investors have been seeking more clarity about the stability of the U.S. economy and how much it could be affected by slower growth in China. The first signal could come Friday when the Labor Department releases the August jobs report, data that some analysts say could influence the Federal Reserve’s decision later this month on when to raise short-term interest rates.Markets may continue to see wild swings until then, said Samantha Azzarello, global market strategist for J.P. Morgan Asset Management. “Whether we like it or not we are all Fed watchers,” she said.Officials and market strategists will also be watching inflation and wage growth for signs that the economy is on stable footing, Azzarello said. “When the Fed raises rates it’s going to be a vote of confidence in the U.S. economy,” she said.The slump Tuesday was a continuation of last week’s volatility, which included a tumultuous day of trading that the Chinese media dubbed “Black Monday.” Markets rebounded strongly in the following days, even managing to notch in a gain for the week.Investors were calmed by positive signs in the U.S. economy, including a report that gross domestic product grew more than initially expected in the second quarter.But the tranquility seen Friday and Monday did not last long.The daily drop followed the market’s rocky performance in August, during which the Dow and the S&P 500 each lost more than 6 percent. For the S&P 500, it was the worst month since May 2012. For the Dow, it was the biggest drop since May 2010.Fund managers and strategists said they expect to see more dramatic daily swings as markets adjust to the tumult that began last week. As they did previously, markets could rebound strongly in the coming days if brighter economic reports ease investors’ concerns.Some strategists say the correction in U.S. stocks is long overdue, and one they have been waiting for after watching stocks climb up and up and up in recent years.Before August, the S&P 500 hadn’t experienced a correction since October 2011, according to an analysis by Howard Silverblatt, senior index analyst for S&P Dow Jones Indices. In the long run, this would mark the 20th correction seen on the S&P 500 since 1946.“We’ve experienced this type of volatility before,” Azzarello said. “We need to keep it in the context that this actually is normal.”Another thing to keep in mind: markets typically perform poorly in September. The S&P 500 posted gains in September only 45 percent of the time since 1928, Silverblatt said, less than any other month.The Dow is now down 9.9 percent for the year. The S&P 500 is off 7 percent.Read more:What regular investors should know about the market turmoilU.S. stocks come out ahead after a frenzied weekA rollicking week in the markets is really a chance to clean up your actWisdom to see you through those heart-stopping big drops in the market






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    September opened with a thud on Wall Street as the Dow Jones Industrial Average plummeted Tuesday by 470 points, or by 2.8%. The S&P 500 Index ended the day 3% lower, as did the tech-heavy Nasdaq Composite Index. The major culprit in the market's slide continues to be worries about China's weakening economy, which also resulted in slumping oil prices.

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    The Shanghai stock market will be closed Thursday and Friday as China commemorates the 70th anniversary of the end of World War II. That is probably welcome news for investors around the world in the wake of a global equities selloff sparked by weak Chinese economic data. Opinion: How China turned a technical currency issue into a global rout.

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    Government data suggest Canada fell into a recession during the first half of the year, raising more questions about the health of the world economy on a roller coaster day for financial markets.Canada's economy shrank at a 0.5 percent annual rate during the second quarter, according to figures released Tuesday. The decline followed a 0.8 percent annualized dip in the first quarter as business investment dropped off amid plummeting oil prices.Recessions are generally defined as two consecutive quarters of contraction, but a more formal determination has yet to be made."The main point is that the Canadian economy is quite weak, felled by low oil prices," Royal Bank of Canada (RY) chief economist Eric Lascelles said Tuesday. But, he added, "other economic indicators are also not quite as weak — employment has been strangely resilient, and leading indicators signal softness but not recession."The gloomy numbers for America's northern neighbor come amid mounting evidence that growth in China is also losing steam. An official measure of manufacturing in China released Tuesday hit a three-year low, prompting a sell-off in Asian stock markets that continued on Wall Street.[What the global market turbulence means for interest rates]In New York, Boston Federal Reserve President Eric Rosengren said Tuesday that turmoil in the global economy has increased uncertainty around forecasts for growth and inflation, suggesting that he believes the time has not yet come for the central bank to start withdrawing its support for the nation’s recovery."We're not totally insulated," he said. "As for the probability of the recession [in the United States], I don't think it's very high."Speaking from prepared remarks, Rosengren highlighted the steady improvement in employment over the past year as one sign the economy has regained its footing. But inflation remains stubbornly below the Fed’s target of 2 percent, held back by strong dollar, falling commodity and oil prices and weak global demand. A slowdown in the world economy could reverberate back home, threatening the progress in the job market and further dampening inflation.“Without an expectation of growth above potential and further tightening of labor markets, I would lose my primary rationale for a forecast of rising inflation, diminishing my confidence that inflation will reach the 2 percent target within a reasonable time frame,” Rosengren said.[Top Fed official: ‘Good reason to believe’ inflation will rise]The gloomier outlook suggests that Rosengren will be hesitant to support raising the Fed’s target interest rate for the first time in nearly a decade when he and other top central bank officials convene for their regular policy meeting in Washington this month. Fed Chair Janet Yellen has said she expects a rate hike will happen at some point this year, but officials appear divided on exactly when that will be.Many investors had anticipated the moment would come in September, but the wild swings in financial markets last month and renewed fears of weakness in China have cast doubt on that timeline. Futures markets now show investors predicting a one in three chance the central bank will act.The Fed slashed its benchmark interest rate to zero during the depths of the 2008 financial crisis and has left it there ever since in hopes of fostering a stronger recovery. A low rate generally encourages consumers to spend and businesses to invest, while a higher rate reins in economic activity.Rosengren’s remarks are the latest in a string of commentary from central bankers, who gathered last week in Jackson Hole, Wyo., for an annual symposium of the world’s economic elite sponsored by the Kansas City Fed. Vice Chair Stanley Fischer on Saturday expressed faith that inflation would eventually reach the Fed’s target as international pressures subsided. But he patently refused to say whether the Fed would hike in September.“I will not -- and indeed cannot -- tell you what decision the Fed will reach,” he said at the conference.On Tuesday, Rosengren emphasized that even after the central bank does lift off, he believes it should move more slowly and gradually than it has during previous rounds of increases. In addition, the central bank’s target rate may run below its historical average. Low inflation and lackluster growth mean that the Fed will have plenty of latitude to move, Rosengren said.“The more gradual tightening cycle should enable monetary policymakers to gauge how tight labor markets can be while maintaining stable prices,” he said.Read more on the Fed:One of Facebook’s founders is taking on the Federal ReserveThe other big reason the Federal Reserve may not raise interest ratesHere is the newest face at the Federal Reserve






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    Canada slipped into a recession during the first half of the year, government data released Tuesday show, raising more questions about the health of the world economy on a roller coaster day for financial markets.Canada's economy shrank at a 0.5 percent annual rate during the second quarter, according to figures released Tuesday. The decline followed a 0.8 percent annualized dip in the first quarter as business investment dropped off amid plummeting oil prices.Recessions are defined as two consecutive quarters of contraction, but some economists said the designation could prove transitory."The main point is that the Canadian economy is quite weak, felled by low oil prices," Royal Bank of Canada (RY) chief economist Eric Lascelles said Tuesday. But, he added, "other economic indicators are also not quite as weak — employment has been strangely resilient, and leading indicators signal softness but not recession."The gloomy numbers for America's northern neighbor come amid mounting evidence that growth in China is also losing steam. An official measure of manufacturing in China released Tuesday hit a three-year low, prompting a sell-off in Asian stock markets that continued on Wall Street.[What the global market turbulence means for interest rates]In New York, Boston Federal Reserve President Eric Rosengren said Tuesday that turmoil in the global economy has increased uncertainty around forecasts for growth and inflation, suggesting that he believes the time has not yet come for the central bank to start withdrawing its support for the nation’s recovery."We're not totally insulated," he said. "As for the probability of the recession [in the United States], I don't think it's very high."Speaking from prepared remarks, Rosengren highlighted the steady improvement in employment over the past year as one sign the economy has regained its footing. But inflation remains stubbornly below the Fed’s target of 2 percent, held back by strong dollar, falling commodity and oil prices and weak global demand. A slowdown in the world economy could reverberate back home, threatening the progress in the job market and further dampening inflation.“Without an expectation of growth above potential and further tightening of labor markets, I would lose my primary rationale for a forecast of rising inflation, diminishing my confidence that inflation will reach the 2 percent target within a reasonable time frame,” Rosengren said.[Top Fed official: ‘Good reason to believe’ inflation will rise]The gloomier outlook suggests that Rosengren will be hesitant to support raising the Fed’s target interest rate for the first time in nearly a decade when he and other top central bank officials convene for their regular policy meeting in Washington this month. Fed Chair Janet Yellen has said she expects a rate hike will happen at some point this year, but officials appear divided on exactly when that will be.Many investors had anticipated the moment would come in September, but the wild swings in financial markets last month and renewed fears of weakness in China have cast doubt on that timeline. Futures markets now show investors predicting a one in three chance the central bank will act.The Fed slashed its benchmark interest rate to zero during the depths of the 2008 financial crisis and has left it there ever since in hopes of fostering a stronger recovery. A low rate generally encourages consumers to spend and businesses to invest, while a higher rate reins in economic activity.Rosengren’s remarks are the latest in a string of commentary from central bankers, who gathered last week in Jackson Hole, Wyo., for an annual symposium of the world’s economic elite sponsored by the Kansas City Fed. Vice Chair Stanley Fischer on Saturday expressed faith that inflation would eventually reach the Fed’s target as international pressures subsided. But he patently refused to say whether the Fed would hike in September.“I will not -- and indeed cannot -- tell you what decision the Fed will reach,” he said at the conference.On Tuesday, Rosengren emphasized that even after the central bank does lift off, he believes it should move more slowly and gradually than it has during previous rounds of increases. In addition, the central bank’s target rate may run below its historical average. Low inflation and lackluster growth mean that the Fed will have plenty of latitude to move, Rosengren said.“The more gradual tightening cycle should enable monetary policymakers to gauge how tight labor markets can be while maintaining stable prices,” he said.Read more on the Fed:One of Facebook’s founders is taking on the Federal ReserveThe other big reason the Federal Reserve may not raise interest ratesHere is the newest face at the Federal Reserve






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    Canada fell into a recession during the first half of the year, government data show, raising more questions about the health of the world economy on a roller coaster day for financial markets.Canada's economy shrank at a 0.5 percent annual rate during the second quarter, according to figures released Tuesday. The decline followed a 0.8 percent annualized dip in the first quarter as business investment dropped off amid plummeting oil prices. Recessions are generally defined as two consecutive quarters of contraction.The gloomy numbers out of America's northern neighbor come amid mounting evidence that growth in China is also losing steam. An official measure of manufacturing in China released Tuesday hit a three-year low, prompting a selloff in Asian stock markets that continued on Wall Street.In New York, Boston Federal Reserve President Eric Rosengren said Tuesday that turmoil in the global economy has increased uncertainty around forecasts for growth and inflation, suggesting that he believes the time has not yet come for the central bank to start withdrawing its support for the nation’s recovery."We're not totally insulated," he said. "As for the probability of the recession [in the United States], I don't think it's very high."Speaking from prepared remarks in New York, Rosengren highlighted the steady improvement in employment over the past year as one sign the economy has regained its footing. But inflation remains stubbornly below the Fed’s target of 2 percent, held back by strong dollar, falling commodity and oil prices and weak global demand. A slowdown in the world economy could reverberate back home, threatening the progress in the job market and further dampening inflation.[What the global market turbulence means for interest rates]“Without an expectation of growth above potential and further tightening of labor markets, I would lose my primary rationale for a forecast of rising inflation, diminishing my confidence that inflation will reach the 2 percent target within a reasonable time frame,” Rosengren said.The gloomier outlook suggests that Rosengren will be hesitant to support raising the Fed’s target interest rate for the first time in nearly a decade when he and other top central bank officials convene for their regular policy meeting in Washington this month. Fed Chair Janet Yellen has said she expects a rate hike will happen at some point this year, but officials appear divided on exactly when that will be.Many investors had anticipated the moment would come in September, but the wild swings in financial markets last month and renewed fears of weakness in China have cast doubt on that timeline. Futures markets now show investors predicting a one in three chance the central bank will act.The Fed slashed its benchmark interest rate to zero during the depths of the 2008 financial crisis and has left it there ever since in hopes of fostering a stronger recovery. A low rate generally encourages consumers to spend and businesses to invest, while a higher rate reins in economic activity.[Top Fed official: ‘Good reason to believe’ inflation will rise]Rosengren’s remarks are the latest in a string of commentary from central bankers, who gathered last week in Jackson Hole, Wyo., for an annual symposium of the world’s economic elite sponsored by the Kansas City Fed. Vice Chair Stanley Fischer on Saturday expressed faith that inflation would eventually reach the Fed’s target as international pressures subsided. But he patently refused to say whether the Fed would hike in September.“I will not -- and indeed cannot -- tell you what decision the Fed will reach,” he said at the conference.On Tuesday, Rosengren emphasized that even after the central bank does lift off, he believes it should move more slowly and gradually than it has during previous rounds of increases. In addition, the central bank’s target rate may run below its historical average. Low inflation and lackluster growth mean that the Fed will have plenty of latitude to move, Rosengren said.“The more gradual tightening cycle should enable monetary policymakers to gauge how tight labor markets can be while maintaining stable prices,” he said.Read more on the Fed:One of Facebook’s founders is taking on the Federal ReserveThe other big reason the Federal Reserve may not raise interest ratesHere is the newest face at the Federal Reserve






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     H&R Block (HRB) stock is advancing by 7.44% to $35.40 in after-hours trading on Tuesday, after the company reported a narrower than expected loss and revenue that surpassed estimates for the first quarter of fiscal 2016. The company reported a loss of 35 cents per share on revenue of $137.72 million for the quarter ended July 31.

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    Shares of Navistar International (NAV) closed lower by 2.69% to $17.36 on Tuesday afternoon, one day prior to the release of the heavy machinery and vehicles company's 2015 third quarter financial results. Analysts are expecting the company to post a year over year rise in earnings per share, but a slight decline in revenue for the most recent quarter.

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    * China's manufacturing sector shrinks; U.S. factory data weak. * Global growth likely weaker than expected -IMF's Lagarde. * Oil prices resume declines; Exxon down 4.2 pct. * Netflix down on report of Apple mulling original shows. * Indexes close down: Dow 2.84 pct, S&P 2.96 pct, Nasdaq 2.94 pct. By Noel Randewich.

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     Penn West Petroleum stock plunged today, closing lower by 16.47% to 64 cents on heavy trading volume, after the drop in oil prices led the company to cut its workforce by 35% and suspend its dividend. WTI crude is falling 7.95% to $45.29 per barrel, while Brent crude is down 8.72% to $49.43 per barrel this afternoon, according to the CNBC.com index.

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    Shares of Bob Evans Farms (BOBE) were gaining 1.8% to $45.60 after-hours Tuesday after the restaurant operator beat analysts' estimates for earnings in the first quarter of fiscal 2016. Bob Evans Farms (BOBE) reported earnings of 51 cents a share for the fiscal first quarter that ended on July 24, above analysts' estimates of 30 cents a share for the quarter. Same-store sales fell 0.3% in the quarter.

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    AeroVironment (AVAV), which supplies unmanned aircraft and related supplies to government agencies, went into a tailspin during after-hours trading Tuesday following an earnings miss. The company reported a fiscal first-quarter loss of $7 million, or 30 cents a share, on sales of $47.1 million; on average, analysts polled by FactSet expected a loss of 14 cents a share on sales of $53.9 million. The drone company's projection for the full fiscal year still seems to be on track with...

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    Weak economic data prompted a steep selloff in U.S. stocks. Another set of weak data out of China set up a rough start to September for U.S. stocks. The Dow Jones Industrial Average dropped 470 points, or 2.8%, after China's official manufacturing purchasing managers index fell to 49.7 in August from 50.0 in July.

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    Treasury yields declined Tuesday as global stocks plummeted, pushing investors into the perceived safety of the U.S. sovereign-bond market. The yield on the 10- year Treasury note was down three basis points to 2.174% in recent trade, according to Tradeweb data. The two-year yield was down 2.4 basis points to 0.716%.

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    The selling can't get much broader than it was on Tuesday, as only 3 of the 502 stocks in the S&P 500 Index, or 0.6% of the total, gained ground Tuesday. And of the 499 declining stocks, 478, or 96%, dropped at least 1%. The gainers were the shares of Cablevision Systems Corp. (CVC), up 2%, American Airlines Group (AAL), up 0.6% and Sigma-Aldrich Corp. (SIAL), which ticked up less than 0.1%.

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    The Dow Jones Industrial Average plummeted on Tuesday to mark its third worst trading session of the year while the S&P 500 and Nasdaq also sank as Chinese manufacturing data pointed to a further slowdown in the world's second largest economy. The blue-chip benchmark slumped 469.68 points, or 2.8%, to 16,058.35. The S&P 500 tumbled 58.33 points, or 3%, to 1,913.85 and the Nasdaq Composite dropped 140.40 points, or 2.9% to 4,636.10.

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     Fears over China's economic health spilled over into September on Tuesday, a day after benchmark indexes closed their worst month in three years. The Dow Jones Industrial Average and S&P 500 fell back into a so-called correction after signs that China's manufacturing businesses are in a protracted slowdown.