July 29, 2014
S&P dips after record; China data, Boeing weigh
US stocks dipped today, weighed down by soft data out of China and Boeing's latest production setback.
Merger and acquisition announcements, however, as well as company-specific news including on Facebook and Alexion Pharma, helped keep the S&P 500 and Nasdaq from bigger losses.
China's exports unexpectedly tumbled 18.1 percent in February, against expectations for a 6.8 percent rise, swinging the trade balance into deficit and adding to fears of a slowdown in the world's second-largest economy.
The Dow Jones industrial average fell 34.04 points or 0.21 percent, to 16,418.68, the S&P 500 lost 0.87 points or 0.05 percent, to 1,877.17 and the Nasdaq Composite dropped 1.775 points or 0.04 percent, to 4,334.448.
The S&P 500 had closed at a record of 1,878.04 on Friday.
European shares fell for the second straight session today. Most European indexes swung lower in the afternoon after the Interfax news agency reported Russian troops had opened fire with automatic rifles during a takeover of a Ukrainian naval post in Crimea.
The pan-European FTSEurofirst 300 index closed 0.4 percent lower at 1,320.98 points after re-testing a low set last week earlier in the session, in a broad sell-off involving most sectors.Japanese shares retreated from a five-week high as disappointing Chinese trade data and uncertainty over the crisis in Ukraine prompted investors to lock in recent gains.
The benchmark Nikkei closed down 1 percent at 15,120.14, slipping from a five-week peak hit on Friday, in thin trading volume.