DOW FALLS 160: Here's what you need to know

Stocks ended up in the ditch again today, with the Dow losing nearly 300 points at its lowest. Commodity prices also took a beating, with crude oil falling 2%, and copper prices sliding to a three-week low.

First, the scoreboard:

• Dow: 16,289.95, -220.24, (-1.33%)
• S&P 500: 1,938.12, -28.85, (-1.47%)
• Nasdaq: 4,745.01, -83.94, (-1.74%)

And now, the top stories on Tuesday:

1. The Volkswagen saga continues. CEO Martin Winterkorn insists he will not resign after it was revealed that the German carmaker used software to cheat emission tests. A German newspaper had reported that he would step down, but this wasn't the case, so the company published a video statement to set the record straight. The company's stock collapsed 20% in Frankfurt.
2. Bank of America CEO Brian Moynihan will keep his title as "chairman." In a vote, 63% of shareholders polled preferred that he retained both titles instead of splitting the roles. The bank joined both roles last October without shareholder approval as part of a consolidation in executive leadership.
3. US home prices rose more than expected in July. The FHFA's home price index showed a 0.6% increase in July, versus expectations for 0.4%. "The solid performance was broadly based with prices rising in seven of the nine regions," Barclays economists wrote. "Following a soft print for June, prices have resumed appreciating at a strong pace and continue to paint a healthy picture of the housing market."
4. The Richmond Federal Reserve's manufacturing index came in at a reading of -5, indicating contraction in the sector, and well below the reading of 2 that economists expected. It was the worst reading since March.

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