Stocks Slump as China Slowdown Fears Pressure Crude Oil

Bank of America's (BAC) Brian Moynihan will remain as both chairman and CEO after 63% of shareholders voted against a potential split. Moynihan has held the chairman position for nearly a year, though certain vocal shareholders had petitioned for a split in duties. Renewed fears over China's economic health, a fresh rout on commodity markets, and continued uncertainty over a Fed rate hike triggered a heavy selloff on Wall Street. Benchmark indexes were down more than 1%. Weatherford (WFT) soared after it said it would not pursue previous plans for a public offering. Shares of the oilfied services company had seen their biggest dive in seven years on Monday after it announced it would sell $1 billion in stock and convertible debt.