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The S&P 500 dropped 43.88 points, or 2.1 percent, to 2,035.73 and the Nasdaq composite lost 141.56 points, or 2.8 percent, to 4,877.49.

Strategists and traders, noting the lack of major U.S. economic news on Thursday, said the drop in stocks was also likely tied to programmed selling, which came after the S&P 500 moved below one of its most closely watched indicators, a 200-day moving average.

In Europe, the FTSE 100 index of leading British shares was down 0.8 percent at 6,472 while Germany’s DAX fell 1.1 percent to 10,800. Heating oil fell 4.1 cents to close at $1.518 a gallon.

The DAX is some 16 percent below a record high of 12,390.75 set in April and at its lowest level since January.

The Asian markets dropped even lower on Thursday in the latest chapter of an ongoing slump which threatens to collapse the entire financial system of China.

Discussions of economic issues in policy circles often suffer from a “which way is up?” dilemma; it’s not clear what the problem is that needs to be solved.

PetroChina Co. paced losses for energy companies as oil extended its decline from the lowest close in more than six years.

The Dow Jones Industrial Average closed down 33.84 points, or 0.2%, at 17,511.34, after being off as many as 59 points.

Earlier this year, Wal-Mart raised its minimum wage to $9 an hour, a move that benefited some 500,000 workers. Wal-Mart’s current market cap stands at $225.62 billion. The company provided earnings per share (EPS) guidance of $0.93-1.05 for the period, compared to the...

“Only the “national team”… would be able to turn the tide like this”, said Yingda Securities analyst Li Daxiao, referring to entities acting for the government.

U.S. stocks closed lower after a choppy session Tuesday as investors digested a mixed bag of quarterly results and an upbeat report on home construction in July. The consensus was for $4.77 per share.

Apple (Swiss: AAPL.SW – news), for whom China is a key market, fell 0.5 percent to 116.60 and was the biggest drag on the Nasdaq and the S&P 500.

S&P 500 e-minis ESc1 were down 5 points, or 0.24 percent, with 122,128 contracts traded. Germany’s DAX Index slipped 0.2 percent, France’s CAC 40 Index slid 0.3 percent, while the UK’s FTSE 100 Index fell 0.4 percent. Morgan Stanley said the company’s...

“A name like Wal-Mart today is part of what keeps the market kind of range bound, there are just too many companies with global businesses that are not really firing on all cylinders and then you throw in moves in China”.

The drop by shares of Wal-Mart came after the company reported weaker than expected second quarter earnings and lowered its full-year guidance. The Dow Jones Industrial Average fell 43 points, or 0.2%, to 17,503 at the open.