US stocks drop

Washington, Aug 26 (IANS) US stocks erased early rebound in the final section of trading on Tuesday.

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, Xinhua reported.

Wall Street was cheered by China’s central bank announced a cut in the reserve requirement ratio (RRR) and lower key interest rates, describing this as “promoting restructuring” to “stabilise the real economy”.

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

US 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 on Tuesday.

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

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