Closing Update: Stocks Recover But Still Negative on Weak Chinese Data

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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 stand at the close:


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.



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: BA , FCX , SCCO , CLF

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As of 7/31/2015, 02:20 PM

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