China expansion worries send stocks lower
Concerns that China will take steps to slow its economic expansion sent commodities and materials stocks lower Thursday.
China reported that its economy expanded 10.3 percent in 2010. Economists expect that China's central bank will increase interest rates to slow down growth and keep inflation in check.
Demand from China has sent commodities prices surging over the past year. "All investors and companies these days are clinging to this Chinese demand story," said Jack Ablin, chief investment officer at Harris Private Bank. "And anything that could cause that to falter could have ugly implications."
Oil and copper fell more than 2 percent. Silver fell 5 percent. The Dow Jones fell 2.49 points, or less than 0.1 percent, to 11,822.8. The Standard & Poor's 500 index lost 1.66, or 0.1 percent, to 1,280.26. The technology-focused Nasdaq composite index fell 21.07, or 0.8 percent, to 2,704.29.
- AP
Sarra Sounds Off, Season 3, Ep 3: Top football teams in action, fantasy update and plays of the week Gregg Sarra sounds off on the Northport and Half Hollow Hills East matchup, plus Tess Ferguson has an update on the high school fantasy football standings and Jared Vailuzzi has the plays of the week.
Sarra Sounds Off, Season 3, Ep 3: Top football teams in action, fantasy update and plays of the week Gregg Sarra sounds off on the Northport and Half Hollow Hills East matchup, plus Tess Ferguson has an update on the high school fantasy football standings and Jared Vailuzzi has the plays of the week.
