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12-14-2018, 05:38 PM #1
US stocks plunge as S&P 500 drops to lowest close since April
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US stocks plunge as S&P 500 drops to lowest close since April
U.S. stocks plunged Friday, as the Nasdaq Composite joined the Dow Jones Industrial Average and S&P 500 in negative territory for the week. The Dow and S&P 500 are now negative for the year and in correction territory.
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Dow tumbles nearly 500 points as global growth concerns hammer stocks
By Ken MartinPublished December 14, 2018MarketsFOXBusiness
China’s economy falters as US stocks slide
Horizon Investments chief global strategist Greg Valliere and Surevest CEO Rob Luna discuss the problems with China’s economy and the recent market selloff.
U.S. stocks plunged Friday, as the Nasdaq Composite joined the Dow Jones Industrial Average and the S&P 500, now in negative territory for the week.
All three of the major stock averages lost about 2 percent with the Dow Jones Industrial Average falling nearly 500 points. The Dow and S&P 500 are now negative for the year and in correction territory.
Ticker Security Last Change %Chg IJI DOW JONES AVERAGES 24100.51 -496.87 -2.02% SP500 S&P 500 2599.95 -50.59 -1.91% I:COMP NASDAQ COMPOSITE INDEX 6910.6648 -159.67 -2.26%
Healthcare stocks paced the declines on Friday as the worst sector in the S&P led by shares Johnson & Johnson following a Reuters report that said the company knew for decades about the presence of cancer-causing asbestos in its ubiquitous and iconic baby powder. In a statement the company called the report fales.
Shares of Starbucks also fell after the coffee chain unveiled an aggressive expansion strategy in China that could be at risk from slowing consumer sales in the world's second-largest economy.
Ticker Security Last Change %Chg JNJ JOHNSON & JOHNSON 133.00 -14.84 -10.04% SBUX STARBUCKS CORPORATION 65.34 -1.57 -2.35%
Additionally, investor sentiment was dragged down by more worries over the health of China's economy. New data released Friday indcated that the world’s second-largest economy continues to show weakness. Beijing said early Friday that China's November retail sales grew at the weakest pace since 2003 and industrial output rose the least in nearly three years as domestic demand softened further. The weak reports heightened concerns about the impact a protracted trade battle between the U.S. and China will have.
In commodities, Crude oil prices settled around the $51 per barrel level.
More Business News
- Trump is advancing trade talks with China: Wilbur RossOpens a New Window.
- Workers are 'ghosting' employers in booming US labor market: ReportOpens a New Window.
- GE shares pop, worst may be overOpens a New Window.
On Thursday, U.S. stocks swung between losses and gains with the Nasdaq Composite and S&P 500 ended the session lower, while the Dow Jones Industrial Average managed to hang onto gains. Investors shifted into safer sectors such as utilities and consumer staples, while rotating out of materials and consumer discretionary names, both more dependent on U.S. economic growth which some speculate may be slowing.
https://www.foxbusiness.com/markets/...n-stock-market
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