Wall Street Wipeout as China's Surprise Move Pressures Stocks

Stocks in the U.S. slumped across the board Tuesday as Wall Street wiped out most of Monday's gains after China's Central Bank, in a surprise move, lowered the value of the yuan nearly two percent, the most in two decades, in order to revive China's sagging economy. China's currency devaluation, along with record OPEC production, sent crude oil prices plunging to six year lows. Since oil is priced in dollars, when the dollar strengthens, it makes oil more expensive to those who buy it in currencies other than the dollar. China's move also hurt shares of multi-national companies, including Apple (AAPL), whose imports of iPhones and other products to China will become more expensive when the yuan weakens. Shares of GM fell on those same worries.