Stocks end slightly lower on China growth worries
Stocks drifted to a slightly lower finish Monday as investors sifted through a blend of discouraging economic data from China and Japan as well as ongoing uncertainty over Russia’s incursion into Ukraine.
Major market indexes pared their losses as the day drew to a close, aided by some high-flying stocks, including Alexion Pharmaceuticals, Chiquita Brands International and Southwest Airlines.
In the absence of U.S. economic data, investors focused on news that China’s exports slumped 18 percent in February. The report reinforced fears about the outlook for the world’s second-largest economy.
In addition, Japan reported a record current account deficit for January and lowered its economic growth estimate for the October-December quarter to 0.7 percent from 1 percent.
The Standard &Poor’s 500 index edged down 0.87 of a point to close at 1,877.17. It had been down 11 points earlier.
The Dow Jones industrial average lost 34.04 points, or 0.2 percent, to 16,418.68. The Nasdaq composite fell 1.77 points, or less than 0.1 percent, to 4,334.45.
The three major U.S. indexes are still up for the month, and only the Dow is down for the year.
Rules for posting comments
Comments posted below are from readers. In no way do they represent the view of Stephens Media LLC or this newspaper. This is a public forum.
Comments may be monitored for inappropriate content but the newspaper is under no obligation to do so. Comment posters are solely responsible under the Communications Decency Act for comments posted on this Web site. Stephens Media LLC is not liable for messages from third parties.
IP and email addresses of persons who post are not treated as confidential records and will be disclosed in response to valid legal process.
Do not post:
- Potentially libelous statements or damaging innuendo.
- Obscene, explicit, or racist language.
- Copyrighted materials of any sort without the express permission of the copyright holder.
- Personal attacks, insults or threats.
- The use of another person's real name to disguise your identity.
- Comments unrelated to the story.
If you believe that a commenter has not followed these guidelines, please click the FLAG icon below the comment.