NEW YORK ( TheStreet) - Cliffs Natural Resources (CLF) and Caterpillar (CAT) tumbled Monday on concerns that U.S. stocks with large operations in China will suffer as the world's second-largest economy struggles with a banking cash crunch.
Cliff, the iron ore and coal miner, lost 7.6% to $15.08 while Caterpillar, the world's biggest maker of mining equipment, was dropped 1.9% to $81.52. YUM! Brands (YUM), owner of KFC which gets 42% of revenue from China, declined 1.3% to $68.10.
China's central bank attempted to ease concerns saying that the country has sufficient liquidity even as it called on financial institutions to curtail risky loans. The CSI 300 Index, a composite of China's largest companies, entered a bear market after plummeting 6.3%, dragging the decline from its peak this year to more than 20 percent.
Wynn Resorts (WYNN), which depended on Macau for 74% of its revenue in 2012, plummeted 4.3% to $124.12 as Coach (COH), the high-end retailer, fell 2.3% to $55.27. Deere & Co. (DE) lost 1.8% to $81 as JPMorgan Chase cut its rating in the agricultural equipment maker to "underweight" from "neutral."The MSCI Emerging Market Index was falling for a fourth consecutive day, dropping 0.9% to 900.54 to extend its loss in 2013 to 15%. The S&P 500 retreated 1.2% to 1,573.09, paring its gain for the year to 11% Written by Leon Lazaroff in New York
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