US stocks tumbled on Tuesday, sending the benchmark Standard & Poor's 500 index down more than 2 percent, after China's main equity index plunged on concerns that share valuations there had become overextended and economic growth may slow.
US stocks suffered their worst one-day slide in more than eight months on Tuesday, driving the blue chip Dow average down over 200 points. That sent shivers of fear down Wall Street's spine and prompted investors to dump the shares of companies that rely heavily on Chinese demand, including Caterpillar Inc, which was the Dow's biggest decliner.
The New York Stock Exchange said it instituted trading curbs at 1803 GMT amid the plunge in the US stock market. The Dow industrials registered their biggest one-day point drop since March 2003. The Dow Jones industrial average was down 214.38 points, or 1.70 percent, at 12,417.88. The Standard & Poor's 500 Index was down 32.77 points, or 2.26 percent, at 1,416.60. The Nasdaq Composite Index was down 71.79 points, or 2.87 percent, at 2,432.73.
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