Weak economic data out of China stoked fears the world's second largest economy is slowing down which could hamper global growth. Shartia Brantley reports.
The Dow, S&P 500 and the Nasdaq fell nearly three percent and pushed the indices firmly into negative territory for the year. Weak economic data out of China stoked fears of a slow down in the world's second-largest economy which could hamper global growth. Meanwhile, U.S. auto sales came in better than expected in August, as consumers are feeling more confident about making big ticket purchases. Edmunds.com's Ed Hellwig: ED HELLWIG, EXECUTIVE EDITOR, EDMUNDS.COM (ENGLISH) SAYING: "I think, gas prices being as low as they are, is really a big driver specifically the mix of vehicles, we see a lot of crossovers, SUVs and trucks are really strong sellers this month showing people are willing to buy bigger than they were a year ago." Shares of Exxon Mobil and Chevron led the blue chips lower as falling crude prices roiled the oil sector. And Dollar Tree missed Wall street's earnings expectations even though sales rose 48 percent due to tough competition and costs associated with its acquisition of Family Dollar Stores. European shares traded sharply lower on concerns about weak Chinese manufacturing data.