Stocks Finished Lower on China Devaluation

Stocks closed lower on Tuesday after an unexpected devaluation of the yuan by China’s central bank sparked concern that the move could weaken the U.S. economy. The Dow Jones Industrial Average fell 212.33 points, or 1.21%, to 17,402.84. The S&P 500 shed 20.11 points, or 0.96%, to 2,084.07. The Nasdaq Composite was down 65.01 points, or 1.27%, to 5,036.79.

Wholesale inventories jumped a seasonally adjusted 0.9% in June, the Commerce Department said Tuesday, though May levels were revised lower by 0.2% to show a 0.6% gain.

General Motors Co (GM) luxury brand Cadillac aims to increase its annual sales to half a million vehicles worldwide by 2020 from an expected 275,000 this year, Cadillac’s top executive said on Tuesday.

Gold futures ended higher Tuesday, posting gains for a fourth straight session. Gold futures for December delivery settled up $3.60, or 3.2%, at $1,107.70 an ounce.