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.
Desktop NewsClick to open Continuous News in a sidebar that updates in real-time.
Still no update on downtown library
Nick & Cassie: A 20-year-old love message erased by traffic
Thieves steal $1,000 in lawn equipment from trailer parked outside local business
Recent graduates could score $20 laptops in Ascension Parish
Residents say shot-up, abandoned homes a blight on their neighborhood