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