U.S. Stocks, Crude, Copper Decline Amid China Rout
U.S. stocks were lower on Thursday, as China lowered the yuan’s reference rate further and crude continued retreating. The Dow Jones Industrial Average lost more than 200 points, and is headed for the third decline of more than 1% this week.
The Dow pared steeper losses experienced earlier in the week, as oil rallied briefly to offset a 5.5% decline. The securities regulator in China also suspended a rule that intensified financial market turmoil, as shares plunged 7% for the second time this week.
The S&P 500 lost 1.2%, slightly offsetting a loss of 1.8%. The Dow lost 205 points, slowly recovering from a 317 point loss earlier in the day.
Meanwhile, U.S. crude dropped 0.8% and is trading at $33.71 a barrel. New data released on Wednesday showed that crude supplies have reached an all-time high.
Copper also retreated, losing 2.7% and falling to its lowest level since November 24. Zinc also saw losses of 4.1%. Gold, on the other hand, was up as much as 0.8% to reach a two-month high, trading at $1,102.85 an ounce.
Across the pond, the Stoxx Europe 600 lost 2.2%. Germany’s DAX fell below 10,000. In Asia, the MSCI Asia Pacific Index fell 2.1%. Benchmark indexes in Japan, Australia, Thailand and Singapore all saw losses of over 2%.
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