U.S. Stocks Drop Amid China Currency Devaluation

By Mark DeCambreMarketWatch Pulse

U.S. stocks headed south at the open Tuesday as investors digested China's surprise devaluation of the yuan overnight. The Dow Jones Industrial Average fell 152.9 points, or 0.9%, the S&P 500 shed 14 points, or 0.7%, at 2,087, while the Nasdaq Composite Index was off 37 points, or 0.7%, to 5,080.52. The downdraft for stocks comes after the Dow snapped a seven-day losing streak as the prospects for a September rate-hike dimmed and a big $32 billion acquisition of Precision Castparts Corp. by Warren Buffett's Berkshire Hathaway holding company inspired optimism Monday.

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