Closing Update: Stocks Lower, Continue Retracement On Fears of Slower Global Growth

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Stocks took another beating Monday as concerns about global growth and continued deterioration in emerging markets triggered strong selling across the market, enough to drive the Dow Industrials to an eight-week low. Weak Chinese and U.K. manufacturing data, followed by a steeper-than-expected decline in the U.S. Institute for Supply Management manufacturing index, triggered a selling frenzy in equities. Investors instead poured into the relative safe-haven of precious metals and U.S. government securities.

With the exception of Pfizer ( PFE ), driven higher on breast cancer treatment results, nearly every component of the Dow Jones Industrial Average was down by at least 1%. As a result, the index closed below its 200-day moving average of 15,465, while the Nasdaq slipped under key support at 4,000.

Utility stocks outperformed other sectors thanks to falling Treasury yields. The yield on the benchmark 10-year note fell to a three-month low of 2.59%.

Here's where the markets stand at the close:

US MARKETS

Dow Jones Industrial Average was down 326 (-2.1%) at 15,372.80

S&P 500 was down 40.70 (-2.3%) at 1,741.89

Nasdaq Composite was down 106 (-2.6%) at 3,996.96

GLOBAL SENTIMENT

FTSE 100 was down 0.69%

Nikkei 225 was down 1.98%

Hang Seng Index down 0.48%

Shanghai China Composite Index was down 0.27%

UPSIDE MOVERS

KTOS Its Defense & Rocket Support Service unit has won a 5-year contract from the U.S. Navy

BEAT Paid $16 million for the acquisition of Mednet Healthcare Techologies after winning its patent infringement lawsuit the company

KOOL TotipotentRX and Fortis Healthcare in New Delhi have performed the 20th pediatric bone marrow transplant using ThermoGenesis technology.

DOWNSIDE MOVERS

GOGO, Faces class-action suit alleging in-flight internet monopoly

RSOL Files $200 million shelf registration

STSI More negative FDA attention towards anti-inflammatory supplement

ICLD, Acquired RentVM, Inc.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: PFE

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As of 9/18/2014, 10:16 AM

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