Local shares fell heavily today, ending the day back below 5,000 points.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down 1% to 4993 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) down 1% to 5043 points
  • AUD/USD at US 70.72 cents
  • Iron Ore at US$43.02 a tonne, according to the Metal Bulletin
  • Gold at US$1,125.01 an ounce
  • Brent oil at US$33.57 a barrel

The ASX traded in the red for most of the day, but the losses were exacerbated after the Reserve Bank of Australia’s interest rate decision.

It left rates unchanged at 2% but investors were possibly concerned about the various risks facing the economy that were highlighted by the board. It remains open to future interest rate cuts if necessary.

BHP Billiton Limited (ASX: BHP) shares fell 2.2% after the Standard & Poor’s cut its credit rating on the group. Its fellow miners also fell sharply, including Fortescue Metals Group Limited (ASX: FMG) and Rio Tinto Limited (ASX: RIO), which ended the day 5.1% and 3.7% lower.

Telstra Corporation Ltd (ASX: TLS) shares fell 1.1% while Westpac Banking Corp (ASX: WBC) was the worst of the banks, slipping 1.1%.

AWE Limited (ASX: AWE) was one of the worst shares for the day, falling 9.3%. Navitas Limited (ASX: NVT) on the other hand rose 3.9%, bucking the trend.

Here are Tuesday’s top stories:

  1. BHP Billiton Limited’s credit rating downgraded: Here’s what you need to know
  2. RBA on hold but leaves door open for more interest rate cuts
  3. 4 shares soaring on the market today
  4. Help! I’m too old to invest!
  5. Here’s why the Altium Limited share price is skyrocketing today
  6. Gina Rinehart’s Roy Hill mine struggling to breakeven
  7. Cash Is King, Until It Isn’t

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Motley Fool contributor Ryan Newman owns shares of Altium. Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. You can follow Ryan on Twitter @ASXvalueinvest.

The Motley Fool Australia owns shares of Altium. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.