Global stocks slip as China cuts growth target

US stocks fell on Monday for the second straight session and the third in the last four, led lower by basic materials and energy shares after China cut its growth target for 2012.

The Dow Jones industrial average slipped 14.76 points, or 0.11 percent, to end at 12,962.81. The Standard & Poor's 500 Index declined 5.30 points, or 0.39 percent, to finish at 1,364.33. The Nasdaq Composite Index dropped 25.71 points, or 0.86 percent, to close at 2,950.48.

Heightened concern about economic growth in the euro zone and China weighed on cyclical stocks, pushing European shares lower at the close on Monday.

The broader FTSEurofirst 300 index ended the day down 0.6 percent, closing at 1080.64 points.

Japan's Nikkei share average dropped as profit-taking from domestic investors mounted near key chart levels and as Asian shares slipped on disappointment after China announced its lowest annual growth target in eight years.

The benchmark Nikkei fell 0.8 percent to 9,698.59, slipping from Friday's seven-month closing high of 9,777.03 while the broader Topix index shed 0.6 percent to 832.86.