Stocks close lower of Chinese and European concerns $CLc1
- Published: 06 March 2012
- US stocks ended the session down as concerns about Europe and a Chinese slowdown overshadowed better than expected US data
- European private sector data declined again last month adding to fears that the continent is heading to another recession. Chinese data was also softer with the 2012 growth rate being cut to an 8 year low of 7.5%
- The Institute for Supply Management Non-Manufacturing Index climbed to 57.3 beating expectations of 56
- As a result of the weaker economic data commodity and material stocks fell with CF Industries and Alcoa falling by 4.39% and 3.32% respectively
- Financials were also weaker with the KBW Banking Index –1.27% o/night
- Leading the losses on the Dow was AA and CAT down 3.61% and 2.13%
- DOW –0.11%, S&P500 –0.39% and NASDAQ –0.86%
- EUR and GBP were slightly stronger overnight while the AUD and NZD underperformed as the Chinese downgrade spooked the market
- Gold fell 0.4% on Chinese news and Oil rose 0.1% on Iranian tensions
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