Yesterday we saw one of the biggest rallies in recent history when the Dow jumped 241 points.  This was due to a combination of Berkshire Hathaway making the biggest acquisition in history, Greece on the verge of getting their major bailout, and hopes for China to add more stimulus to its ailing economy.  Today, Berkshire Hathaway is still getting kudos, the EU announced that Greece has its deal now, but China shocked the hell out of the world when it announced not a stimulus but a devaluation of its currency.  It was a major historic move, moving the yuan down 2%, its greatest devaluation in 21 years, and the rest of the world that is currently so tethered to China went into arrhythmia as everything from commodities to Apple to construction equipment to automobiles and even candy took a major hit, driving the Dow down 212 points.  I guess the good news is that even this major event was not enough to wipe out all of yesterday's gains.  The sudden currency adjustment sent copper, aluminum and oil all to six year lows.  But last night's major news from Google did shoot them up over 4% so I guess they were the big winner for the day.  I was looking for more enthusiasm.  It happened today when the great sell off hit a volume of 7.1 billion shares.

And for the latest details on Greece:
Greece and lenders agree bailout, shares rally | Reuters

Markets | Tue Aug 11, 2015 5:37pm EDT

Wall St slides after China's surprise currency devaluation

By Caroline Valetkevitch

DJ:     17,402.84  -212.33       NAS:      5,036.79  -65.01        S&P:   2,084.07  -20.11

Aug 11 (Reuters) - U.S. stocks declined broadly on Tuesday as China's devaluation of itsyuan currency hit companies with a big exposure to the world's No. 2 economy and added to worries about the global economic outlook.

Apple Inc shed 5.2 percent to end at $113.54 in its biggest daily percentage decline since January 2014, making the stock the biggest drag on all three major U.S. indexes. Jefferies also raised concerns about the demand for the iPhone, primarily in China.

Among other companies with big exposure to China, Caterpillar was down 2.6 percent at $78.04 and Yum Brands dropped 4.9 percent to $83.54. General Motors shares lost 3.5 percent to $30.83, though it said the devaluation of the yuan would have a "limited and manageable" impact on its business.

The Dow Jones industrial average fell 212.33 points, or 1.21 percent, to 17,402.84; the S&P500 index lost 20.11 points, or 0.96 percent, to 2,084.07 and the Nasdaq Composite dropped 65.01 points, or 1.27 percent, to 5,036.79.

"Obviously, this devaluation seems to suggest there's a lot of weakness, and we're in thinly-traded markets right now," said Eric Kuby, chief investment officer at North Star Investment Management Corp in Chicago.

"To a certain extent, the stocks that have propped up the market this year have slowly fallen out of favor, so I think that you're seeing a little bit of a flight to safety."

The sudden currency adjustment by the world's top metals consumer pushed copper and aluminum to six-year lows, and the S&P materials index dropped 1.9 percent, leading S&P500 sector declines. Freeport-McMoRan slid 12.3 percent to $10.22.

Crude oil futures in New York ended at a more than six-year low.

Meanwhile, U.S. Treasury debt prices jumped following the devaluation news.

China's yuan currency fell to its lowest against the dollar in three years following what the country's central bank described as a "one-off depreciation."

Shares of Chinese e-commerce company Alibaba dropped 3.9 percent $77.34.

The day's stock market declines followed a rally on Monday that gave the S&P 500 its biggest increase since May.

Among the day's gainers, Google rose 4.1 percent to $690.30 after it said it would overhaul its operating structure.

After the bell, shares of General Electric edged up 0.4 percent after it said it would sell its U.S. healthcare finance unit and $8.5 billion of healthcare-related loans to Capital One Financial Corp. GE shares ended the regular session down 2 percent at $25.71.

Declining issues outnumbered advancing ones on the NYSE by 1,932 to 1,152, for a 1.68-to-1 ratio; on the Nasdaq, 1,967 issues fell and 848 advanced, for a 2.32-to-1 ratio favoring decliners.

The S&P 500 posted 10 new 52-week highs and 17 new lows; the Nasdaq recorded 40 new highs and 104 new lows.

About 7.1 billion shares changed hands on U.S. exchanges, compared with the 6.9 billion daily average for the month to date, according to data from BATS Global Markets.