Dow closes down 204 points after Wall Street’s biggest reversal in 7 years

The Dow soared as much as 441 points on Tuesday on news that China's central bank had decided to cut its interest rates, but all those gains were erased during a brutal sell-off in the last hour of trading.

The Dow Jones Industrial Average closed down 204 points (1.29%) at 15,666. The S&P 500 lost 25.59 points (1.35%) while the NASDAQ Composite shed 19.76 points (0.44%).

The sudden sell-off marked the biggest reversal on Wall Street since October 2008 as concerns about China and global growth continue to spook investors.

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