US stocks end sharply lower, S&P 500-2.57%

GMT 23:09 2015 Monday ,28 September

Arab Today, arab today US stocks end sharply lower, S&P 500-2.57%

The Dow Jones Industrial Average
New York - AFP

US stocks fell sharply Monday, joining European equities in retreat after poor Chinese industrial data deepened worries about the world's second-biggest economy.

The Dow Jones Industrial Average fell 312.78 points (1.92 percent) to 16,001.89.

The broad-based S&P 500 lost 49.57 (2.57 percent) at 1,881.77, while the tech-rich Nasdaq Composite Index tumbled 142.53 (3.04 percent) to 4,543.97.

Government data showed China's crucial industrial companies saw profits fall 8.8 percent in August from a year ago -- hit by last month's shock yuan devaluation, weak demand and plunging share prices.

The weak Chinese data hit prices of key commodities such as oil and copper, as well as shares of  petroleum-linked companies ConocoPhillips (-2.8 percent) and Schlumberger (-4.8 percent) and metals producer Freeport-McMoRan (-9.1 percent).

Art Hogan, chief market strategist at Wunderlich Securities, said investors are brooding over two key questions with no imminent resolution: when the Chinese economy will bottom out and when the US Federal Reserve will raise interest rates.

Adding to that are other worries, including potential legislation to rein in pharmaceutical prices and the Volkswagen emissions scandal.

"You have a path of least resistance that is lower until you have some answers to the big questions," Hogan said.


Arab Today, arab today
Arab Today, arab today
arabtoday arabtoday arabtoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabs, Arab, Arab