NEW YORK (AP) — Stocks worldwide are falling Tuesday as China’s faltering recovery raises worries for the rest of the global economy.
The S&P 500 sank 0.9% in afternoon trading after data showed a deepening slump in July for the world’s second-largest economy. The Dow Jones Industrial Average fell 305 points, or 0.9%, at 35,001, as of 2:03 p.m. Eastern time, and the Nasdaq composite lost 0.8%.
Coming into this year, the expectation was that China’s economy would grow enough after the government removed anti-COVID restrictions to prop up a global economy weakened by high inflation. But China’s recovery has faltered so much that it unexpectedly cut a key interest rate on Tuesday and skipped a report on how many of its younger workers are unemployed.
Worries about the knock-on effects for the rest of the global economy are weighing…
