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1st LD Writethru: U.S. stocks drop at close, pare early gains

Xinhua, August 26, 2015 Adjust font size:

U.S. stocks erased early rebound in the final section of the trading, extended the drop Tuesday.

Equity markets were boosted by China's interest cut and upbeat U.S. economic data in the morning. At midday, the Dow Jones Industrial Average surged 2.42 percent, the S&P 500 gained 2.48 percent,the Nasdaq Composite Index spiked 3.39 percent.

The People's Bank of China (PBOC), China's central bank, announced on Tuesday a cut in the reserve requirement ratio (RRR) and lower key interest rates.

Wall Street was cheered by the move, which was described in a PBOC statement as "promoting restructuring" to "stabilize the real economy".

U.S. sales of new single-family houses in July were at a seasonally-adjusted annual rate of 507,000, said the Commerce Department Tuesday.

U.S. consumer confidence for August came in at 101.5, up from 91.0 in July, according to the New York-based research group Conference Board Tuesday.

The Dow tumbled 204.91 points, or 1.29 percent, to 15,666.44. The S&P 500 shed 25.6 points, or 1.36 percent, to 1,867.61. The Nasdaq Composite Index sank 19.76 points, or 0.44 percent, to 4,506.49. Enditem