Stocks Sink on China Slowdown Fears

Stocks are closing broadly lower on Wall Street as traders worry about the impact on US companies of a slowdown in China's economy, the AP reports. Caterpillar dropped 9.1% Monday after the heavy equipment maker reported earnings that were far below what analysts were expecting. Nvidia sank 13.8% after the chipmaker issued a poor outlook, also blaming weakness in China. US-listed shares of Vale plunged 18%. The Brazilian mining operator faces potentially hefty legal and financial challenges in the wake of a deadly mine disaster. The S&P 500 index fell 20 points, or 0.8%, to 2,643. The Dow Jones Industrial Average lost 208 points, or 0.8%, to 24,528. The Nasdaq dropped 79 points, or 1.1%, to 7,085. (More stock market stories.)