Stocks closed sharply lower Tuesday as the Dow fell more than 200 points in the wake of a surprise devaluation of the yuan by China—the world’s second-largest economy.China’s devaluation calls into question how the U.S. economy may fare as the Federal Reserve aims to start hiking interest rates for the first time since 2006 as signs of slowing growth abroad persists.
The S&P 500 SPX, -0.96% declined 20.11 points, or 1%, to close at 2,084.07, led by losses in the materials sector, down 1.9%. The Nasdaq Composite Index COMP, -1.27% gave up 65.01 points, or 1.3%, to finish at 5,036.79.
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