Rocky Start to Trading on Wall Street on Fed, China Worries

It looks like another rocky start to trading on Wall Street. China's stock fell, capping the Shanghai Composite Index's biggest two month tumble since 2008. The concern is that government intervention will fail to prop up the market. There is also no clear direction on interest rates from the federal reserve after the meeting in Jackson Hole, Wyoming. Some of the Governors seemed to indicate an interest rate hike could still be on the table. Warren Buffett takes a big stake in energy. His Berkshire Hathaway (BRK.A) disclosed a $4.48 billion stake in oil refiner Phillips 66 (PSX). The 58 million, or 10.8% stake was revealed in SEC filings. Staples (SPLS) and Office Depot (OD) said they will delay the closing of their merger to provide the Federal Trade Commission with additional information. The FTC has not yet approved the $6.3 billion deal.