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.READ MORE: COVID Restrictions: New York City Restaurants Can Increase Capacity, New Jersey Raises Gathering Limits
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.READ MORE: NYC Parks Employee Slashed Across Face And Chest On The Job In The Bronx
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.MORE NEWS: NYPD: Douglas Young Charged With Murder In Deadly Shooting Of DoorDash Worker Francisco Villalva Vitinio
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