US stocks, oil prices sink after China currency move

AP News
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Posted: Aug 11, 2015 9:42 AM
US stocks, oil prices sink after China currency move

NEW YORK (AP) — U.S. stocks are opening lower, led by declines in energy and materials stocks as commodities prices drop.

Prices for oil and copper fell sharply Tuesday after China's government lowered the value of its currency.

Trade has been weakening in China and investors are seeing the government's move to weaken its currency as a sign of sluggishness in China's economy.

The Dow Jones industrial average fell 168 points, or 1 percent, to 17,445.

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The Standard & Poor's 500 index lost 15 points, or 0.8 percent, to 2,088. The Nasdaq declined 23 points, or 0.5 percent, to 5,079.

Bond prices rose. The yield on the benchmark 10-year note fell to 2.16 percent.