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US Stocks Close Lower, Dow Down More Than 400 Points


U.S. stock markets tumbled Tuesday as a sudden drop in Chinese shares reverberated throughout global markets

The Dow Jones Industrial Average recovered slightly from a loss of more than 500 points, losing 415 points (more than three percent) to finish the day at 12,217. The S&P 500 dropped 50 points (3.5 percent) to 1,399, while the NASDAQ sank 97 points (nearly four percent) to close at 2,408.

European markets also suffered heavy losses. London's Financial Times index dropped more than two percent (149 points) to end the day's trading at 5,286. The CAC 40 in Paris plummeted three percent (174 points) to 5,588, and the DAX index in Frankfurt dropped by nearly three percent (208 points) to close at 6,820.

Earlier in Asia, Chinese stocks fell more than nine percent, their biggest drop in a decade. The Hang Seng index in Hong Kong fell more than 1.7 percent (360 points) to end the day's trading at 20,148. Tokyo's Nikkei index dropped a half percent (95 points) to close at 18,120.

New York gold fell $2.60, to $683.90 an ounce.

The dollar is down against the yen and the euro.

Some information for this report was provided by AP and Bloomberg.