Stocks Started Sharply Lower

U.S. stocks opened sharply lower on Tuesday as renewed fears about China’s troubling growth contributed to the shunning of risky assets such as stocks. The Dow Jones Industrial Average lately dropped 201.54 points, or 1.22%, to 16,308.65. The S&P 500 fell 25.24 points, or 1.28%, to 1,941.73. The Nasdaq Composite was down 69.88 points, or 1.45%, to 4,759.08.

Volkswagen installed software designed to cheat emissions tests in some 11 million cars worldwide, the company said Tuesday, highlighting the massive scope of the scandal. The company says it will set aside $7.3 billion (6.5 billion euros) to cover the cost of repairing the cars and “other efforts to win back the trust
of our customers.”

Starbucks says its mobile app that lets people order and pay in advance will be available nationally starting Tuesday.

Darden Restaurants Inc reported better-than-expected profit and sales. Darden said same-restaurant sales at Olive Garden rose 2.7 percent in the first quarter. Darden also raised on Tuesday its forecast for full-year adjusted earnings from continuing operations to $3.15-$3.30 per share from $3.05-$3.20.

The dollar touched an almost two-week high against a basket of major currencies on Tuesday. Against a basket of six major currencies, the dollar rose 0.1 percent to 96.088, its strongest level since Sept. 10.

Hillary Rodham Clinton is laying out a new plan to rein in the rising cost of prescription drugs, seeking to build upon President Barack Obama’s health care law.






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