U.S. stocks finished lower on Tuesday, extending last week’s losses, following a major selloff in Europe on Monday.
In world markets, European stocks ended mixed, as the DAX in Germany and the CAC 40 in France both lost 1 percent while the FTSE 100 in Germany rose 1 percent. Asian markets also ended mixed, as the Nikkei in Japan fell 2.2 percent and the Hang Seng in Hong Kong rose 0.5 percent.
In U.S. Economic news, the Institute for Supply Management’s services report for August came in at 53.3, up from July’s reading of 52.7, and well above economists’ forecasts of 51. Any reading above 50 signifies expansion.
In company news, shares of major U.S. banks were among the weakest performers, as Bank of America shares fell 3.4 percent after reports surfaced that the bank could cut 30,000 workers over several years.
The U.S. dollar rose versus and versus the yen. Light sweet crude oil for October delivery fell 43 cents to $86.02 a barrel on the New York Mercantile Exchange. Gold futures rose $1.50 to $1,878.40 an ounce.
The Dow Jones industrial average fell 100.96, or 0.9 percent, to 11,139.30. The broader Standard & Poor’s 500 index fell 8.73, or 0.7 percent, to 1,165.24. The technology-heavy Nasdaq composite index fell 6.50, or 0.3 percent, to 2,473.83.