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Wall Street turns risk averse on drop in commodities

FXStreet (Mumbai) - The US stock markets suffered more than 1% losses on Tuesday as fall in copper and oil prices underscored the global growth slowdown.

At the time writing, the Dow Jones was down 1.18% or 195 points with all 30 shares trading in the red. S&P 500 was down 1.19% or 23.92 points, while the Nasdaq was down 1.5% or 65 points. Stocks had witnessed a moderate bounce on Monday on the back of Apple and financial shares.

However, the uptick turned into a fresh selling opportunity for the traders after copper prices hit two-week lows, while oil was down about 2%. The rout in commodities was enough to make investors nervous despite the uptick in the Chinese equities.

As per Reuters report, “the CBOE Volatility index, known as the "fear gauge", jumped 12 percent to 22.52, above its long-term average of 20.”

Lockhart, a voting member of the Federal Open Market Committee, is scheduled to speak again later in the day and Fed Chair Janet Yellen is scheduled to speak on Thursday.

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