STORE TRAFFIC SLOWS: U.S. stocks closed mostly lower after signs emerged that Americans are spending at a slower pace. Target’s stock fell 1 percent and Costco Wholesale fell less than a percent after reporting that sales rose less than analysts were expecting.
CHINA SLOWS FURTHER: China surprised markets with an interest rate cut, its second in a month. That caused investors to worry that the downturn in the world’s second-largest economy may be worse than previously expected.
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