U.S. stocks are down sharply this morning, extending losses into a second session, as Wall Street echoed a global rout that came as China toughened collateral rules for short-term loans and oil wavered after bouncing back from a five-year low.
Erasing gains, West Texas Intermediate fell 0.2 percent and the Shanghai Composite Index tanked.
Moving to propel local governments from using hazy financing instruments to raise funds, China stepped up its efforts at creating a more transparent municipal bond market.
Autozone jumped after the auto-parts retailer reported quarterly profit and revenue above estimates; H&R Block fell after the tax-preparation firm reported an adjusted quarterly loss that
The Dow Jones Industrial Average declined 162.06 points, or 0.9 percent, to 17,690.49, with Verizon Communications leading blue-chip losses that extended to 29 of 30 components.
The S&P 500 shed 23.20 points, or 1.1 percent, to 2,037.11, with telecommunications the leading laggard among its 10 major industry groups.
The Nasdaq dropped 63.63 points, or 1.3 percent, to 4,677.06. larger than expected.
The U.S. dollar edged lower against the currencies of major U.S. trading partners; the yield on the 10 year Treasury note fell 4 basis points to 2.2165 percent.
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