iStock/Thinkstock(NEW YORK) — Wall Street edged lower on Tuesday as China’s economy and devaluation of the Yuan has created renewed concern.
The Dow Jones Industrial Average closed down 33.84 to finish at 17511.34.
The Nasdaq fell 32.25 to close at 5059.35, while the S&P 500 ended the session at 2096.92, down 5.52 from its open.
China’s economy and the devaluation of the Yuan has renewed concerns around the world. The devaluation has brought losses for investors who according to the Wall Street Journal, had depended on a steady currency after its decade-long climb.
Retail giant Wal-Mart’s stock dropped 3 percent after spending more on wages and improvements to its stores. The drop also comes after Wal-Mart slashed its earnings forecast for the year.
The Federal Reserve is looking to raise interest rates later this year, but when? On Wednesday, the minutes from a July meeting will be released and we may finally know.
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