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Apr 14, 2012, 09.05 AM IST
US stocks fell Friday on disappointing Chinese economic data and renewed concerns over Spain's rising borrowing costs.
After two down and two up days this week, the S&P 500 was on track to end the week about 1% lower.
Weaker-than-expected data showed China's economy grew at its slowest pace in nearly three years and no signs of fresh stimulus.
Adding to investor concerns, Spain's benchmark government bond yield jumped above 5.9% after data showed Spanish banks borrowed heavily from the European Central Bank in March.
Bank shares were the biggest losers with declines in JPMorgan and Wells Fargo, despite beating quarterly earnings expectations. JPMorgan shares
"The rally yesterday was built on rumors about China that the numbers would be better-than-expected. So when you get a number that is worse-than-expected, you have to see some of the gains pullback," said Joe Saluzzi, co-manager of trading at Themis Trading, Chatham, New Jersey.
The Dow Jones industrial average was down 136.99 points, or 1.05%, at 12,849.59. The Standard & Poor's 500 Index was down 17.31 points, or 1.25%, at 1,370.26. The Nasdaq Composite Index was down 44.22 points, or 1.45%, at 3,011.33.
US data showed consumer sentiment slipping modestly in early April as higher gasoline prices hit household budgets even as optimism over the economic outlook lifted consumers expectations.
The S&P 500 added more than 2% in the two previous sessions as immediate concerns over rising yields in Spain and Italy ebbed and on bets the Chinese GDP data would surprise on the upside.
Basic materials and energy shares also were pressured as copper and oil prices dipped after the Chinese data.
US consumer prices rose modestly in March, boosting the view the US Federal Reserve has room to provide more support for the economy if needed.
Tags: stocks, Spain, S&P 500, China, economy, bond, yield , European Central Bank, Bank, JPMorgan, Wells Fargo, Dow Jones, Nasdaq, GDP, Italy, Spain, energy, oil, Fed
May 23 2013, 16:33
- in Asian markets
May 23 2013, 09:33
- in Technicals