Stocks Reverse In Final Hour; Dow Falls 205 Points
NEW YORK (CBSNewYork) -- U.S. stocks closed lower Tuesday after falling sharply in the final hour of trading.
Stocks surged early in the day, rebounding from a big sell-off on Monday after the Chinese central bank said it was cutting interest rates to shore up its economy.
However, investor confidence remains fragile after a series of big drops in recent days, and the market suffered a dramatic reversal in the final hour of trading.
The Dow Jones industrial average fell 204.78, or 1.3 percent, to 15,666.44. The Standard & Poor's 500 index dropped 25.60 points, or 1.4 percent, to 1,867.62. And the Nasdaq composite dropped 19.76 points, or 0.4 percent, to 4,506.49.
Treasury bonds fell, pushing up the yield on the benchmark 10-year note to 2.09 percent.
Tuesday marked the sixth straight day the Dow has posted losses. On Monday, it fell 588 points.
(TM and © Copyright 2015 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2015 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)