Wall St. slumps as weak China data stokes growth fears

Data early on Tuesday showed that China's manufacturing sector shrank at its fastest pace in three years in August. Later in the day, data showed that the pace of growth in the U.S. manufacturing sector slowed in August to its weakest in over two years. Adding to the nervousness, International Monetary Fund head Christine Lagarde said global economic growth was now likely to be weaker than had been expected just a few months ago.