July 24, 2014
Wall St falls as China data triggers selloff in risky assets
US stocks fell today, with the Dow Jones industrial average recording its third consecutive day of losses, as risky assets sold off in wake of disappointing manufacturing data in China.
Financials and materials stocks were the day's biggest losers while telecom services was the only positive sector as investors sold growth-oriented stocks and bought defensive ones. Trading volume was heavier than in recent sessions.
The market sentiment was dented by a report on manufacturing in China which showed a mild slowdown at the end of 2013 in the world's second-largest economy had continued into the new year.
The Dow Jones industrial average fell 175.99 points or 1.07 percent, to 16,197.35, the S&P 500 lost 16.4 points or 0.89 percent, to 1,828.46 and the Nasdaq Composite dropped 24.126 points or 0.57 percent, to 4,218.875.
European shares dipped, tracking losses in Asia after softer-than-expected Chinese manufacturing data fuelled concerns over the pace of growth in the world's second-biggest economy.
The FTSEurofirst 300 index of top European shares was down 0.1 percent at 1,345.86 points, hovering below a 5-1/2 year high hit earlier this week.
The Nikkei stock average reversed early gains to end 0.8 percent lower after a survey showed manufacturing activity in China, one of Japan's top trading partners, contracted in January for the first time in six months.
The Nikkei ended 125.07 points lower at 15,695.89, breaking below its five-day moving average of 15,737.79.