NEW YORK (AP) — The Dow Jones industrial average is closing below 11,000 for the first time in a little more than a week.
Traders sent stocks lower Tuesday after a surprise interest rate hike in China that is intended to slow that country’s growth.
The dollar had its biggest one-day gain since June. That hurt companies in the energy and materials business, who saw the cost of their operations increase.
According to preliminary calculations, the Dow is up 165, or 1.5 percent, at close at 10,979.
The S&P 500 index is down 19, or 1.6 percent, at 1,166, while the Nasdaq is down 44, or 1.8 percent, at 2,437.
Falling stocks outnumbered gaining ones five-to-one on the New York Stock Exchange, where volume came to 1.3 billion shares.
