Tuesday’s stock market dip was caused by pressure on Wall Street by worries about the status of the global economy, particularly China, and a decline in American banks.
281 points, or 0.8%, were lost by the Dow Jones Industrial Average. Retractions of 0.6% and 0.5%, respectively, were seen in the S&P 500 and Nasdaq Composite.
Tuesday saw a decline in American financial equities. Following a warning from Fitch that it may have to cut the credit rating of numerous banks, including JPMorgan Chase, the stock prices of Citigroup, Wells Fargo, and Bank of America fell by close to 2%. The rating of ten American banks was downgraded by Moody’s last week, and it added other significant institutions to a watchlist for prospective downgrades.
Source (CNBC)
