US stocks fizzle as Wal-Mart falls and China slumps
NEW YORK - U.S. stocks are closing lower after Wal-Mart cut its profit forecast and China's market slumped on renewed concerns about its economy.
The Dow Jones industrial average fell 33 points, or 0.2 percent, to end at 17,511 on Tuesday. The Standard & Poor's 500 index slipped five points, or 0.3 percent, to 2,096, and the Nasdaq composite sank 32 points, or 0.6 percent, to 5,059.
Wal-Mart's stock fell more than 3 percent after the retailer reported lower quarterly earnings and warned that its annual profit will likely fall short of previous estimates.
China's main stock index plunged 6 percent, its largest fall since July 27. The sell-off followed Beijing's efforts to ban major shareholders from selling stocks.