New York: US stocks fell sharply Tuesday after China unexpectedly devalued its currency, as Apple, General Motors and other companies heavily exposed to China dropped.
At the closing bell, the Dow Jones Industrial Average stood at 17,405.28, down 209.89 points (1.19 percent).
The broad-based S&P 500 fell 19.78 (0.94 percent) to 2,084.40, while the tech-rich Nasdaq Composite Index tumbled 65.01 (1.27 percent) to 5,036.79.
China`s central bank devalued its yuan currency Tuesday by nearly two percent against the US dollar, as authorities said they were seeking to push market reforms, in the context of a slowing economy.
The move raised concerns about a strengthening US dollar and about whether the Chinese economy is weaker than thought.
Among the stocks to fall sharply were Apple (-5.2 percent) and General Motors (-3.5 percent), both of which are relying on China as a major growth market.
