Stocks closed off their worse levels of the session, but remained in negative territory as bearish Chinese economic data rekindled worries about slowing global growth. The 18% drop in exports, which turned a $32 billion surplus into a $23 billion deficit for China last month, reverberated through global equity markets, pressuring Asian equities and commodity-related stocks before spilling into Europe and the U.S. The S&P 500 dropped for the first time in three days.
In corporate news, Boeing (BA) was the biggest loser among Dow Components on worries about cracks on its 787 Dreamliner, as well as on uncertainty as to what caused the Boeing 777 Malaysian Airline flight to disappear. Mining stocks like Freeport McMoRan (FCX), Southern Copper (SCCO) and Cliffs Natural Resources (CLF) were all undermined by jitters surrounding the Chinese economy and the possible implications on imports of industrial metals. There was no economic news from the U.S.
Here's Where The Markets Stood At Day's End
US MARKETS
- Dow Jones Industrial Index was down 34 points (0.2%) to 16,418
- S&P 500 was down less than a point (0.05%) to 1,877
- Nasdaq Composite Index was down 1.8 points (0.04%) to 4,334
GLOBAL SENTIMENT
- FTSE 100 was down 0.35%
- Nikkei 225 was down 1.01%
- Hang Seng Index was down 1.75%
- Shanghai China Composite Index was down 2.86%
UPSIDE MOVERS
- ROSG (+16.38%) Positive Seeking Alpha article from Friday continues to generate demand
- NWBO (+29.70%) Received regulatory approvals from German authorities for its DCVax-L treatment for glioma brain cancers.
- MONT (+20.40%) Shanghai Pudong Science and Technology Investment Co Ltd. has made a $21.5 per share non-binding cash bid for the company
- CQB (+10.70%) Agreed to merge with Ireland's Fyffes Plc in a stock-for-stock deal
DOWNSIDE MOVERS
- WLT (-9.76%) Negotiating an amendment to its credit facility
- HILL (-12.80%) GDPInsider.com says the company is being aggressive with forward looking guidance following Q4 earnings released last Thursday.
- BSPM (-19.19%) Will sell 1,650,000 shares of common stock in a registered direct offering at $2.49 per share.
After Hours Stock News From Midnight Trader.
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