Stocks retreat on China-slowdown worries
The business week ahead will be busy with market moving earnings reports as well as new information from the Fed. The bull in the Financial District is charging now as it was on June 23, 2008. Credit: AP / Mark Lennihan
Signs that China's economy is weakening and Europe is slowing sent U.S. stocks lower Thursday. The disconcerting economic news from overseas overshadowed other reports that suggested the U.S. economy is gaining momentum.
The Dow Jones industrial average fell 78.48 points to 13,046.14. The Standard & Poor's 500 index fell 10.11 to 1,392.78, while the Nasdaq composite index fell 12 points to 3,063.32.
China Thursday signaled its manufacturing sector could be contracting. A manufacturing index by HSBC fell to 48.1 in March from 49.6 in February. Figures below 50 indicate manufacturing is contracting. In Europe the purchasing managers' index from Markit, a financial data company, fell to a below-forecast 48.8 points in March from 49.3 a month earlier.-- AP
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