Another drop in China's currency sent global stocks lower on Wednesday as the move raised worries about weakness in the world's second-largest economy, AP reported. The Dow Jones industrial average was down 217 points, or 1.3 percent, at 17,186 as of 11:14 a.m. Eastern time. The Standard & Poor's 500 index fell 26 points, or 1.2 percent, to 2,059, bringing the index back to breakeven for the year. The Nasdaq composite lost 69 points, or 1.4 percent, to 4,967. China's government devalued its currency for a second straight day on Wednesday, attempting to support flagging growth in the world's second-largest economy. The Chinese yuan fell 1.8 percent on the heels of Tuesday's 1.9 percent fall. Major markets in Europe continued their slide. Germany's DAX dropped 3.3 percent, France's CAC 40 dropped 3.6 percent, while Britain's FTSE 100 lost 1.9 percent. China's move battered Asian markets for a second day running. Japan's Nikkei 225 fell 1.6 percent. South Korea's Kospi lost 0.6 percent and Australia's S&P/ASX 200 slipped 1.7 percent. The Shanghai Composite Index fell 1.1 percent. U.S. crude oil rose 16 cents to $43.26 a barrel on the New York Mercantile Exchange, bouncing off a six-year low reached Tuesday. U.S. government bonds rose, sending the yield on the 10-year Treasury down to 2.10 from 2.14 percent the day before. The dollar slipped to $1.12 for every euro. The dollar also weakened to 123.89 yen.
