: S&P 500 ends at lowest level in a month as investors monitor signs of China’s weakening economy

U.S. stocks closed sharply lower Tuesday as investors monitored signs of China’s darkening economic backdrop and gauged if a robust U.S. consumer could spell more Federal Reserve rate hikes. The Dow Jones Industrial Average DJIA fell about 360 points, or 1%, to about 34,946, according to preliminary FactSet data. The S&P 500 index SPX dropped 1.2% to about 4,437, its lowest close since mid-July, according to FactSet. The Nasdaq Composite Index COMP ended 1.1% lower. Chinese retail sales and industrial production in the world’s second biggest economy grew less than expected in July. Its growing property woes also contributed to a series of surprise interest rate cuts by the central bank in Beijing. In U.S. economic news, retail sales increased 0.7% in July, above the 0.4% forecast, prompting concerns that the Fed might not yet be done hiking interest rates.

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