US stocks plunge to start September

New York, Sep 2 (IANS) US stocks suffered big losses on Tuesday, with all three major indices tumbling over 2.8 percent, as a renewed broad-based sell-off around the world rattled nervous investors.

The Dow Jones Industrial Average shed 469.68 points, or 2.84 percent, to 16,058.35. The S&P 500 sank 58.33 points (2.96 percent) to 1,913.85. The Nasdaq Composite Index dropped 140.40 points (2.94 percent) to 4,636.10, Xinhua reported.

Tokyo equities dived with its benchmark Nikkei stocks index plunging 3.84 percent on Tuesday amid weak performances in other stocks markets.

Chinese shares slumped for a second day on weak economic data, with the benchmark Shanghai Composite Index dipping 1.23 percent to end at 3,166.62 points.

China’s manufacturing purchasing managers’ index (PMI) came in at 49.7 in August, down from 50 for July and the lowest since August 2012, according to official data released on Tuesday.

European stocks also ended sharply lower Tuesday, with British benchmark FTSE 100 Index dropping 3.03 percent, as the heavy fall across the board weighed on market sentiment.

Adding more pessimism to the market, US economic data came out negative. The US August manufacturing PMI registered 51.1 percent, a decrease of 1.6 percentage points from the July reading of 52.7 percent, said the Institute Supply Management (ISM).

The latest figure missed market consensus of 52.8 percent and notched the lowest reading since May 2013.

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