News Column

US Stocks Fall After 5 Days of Gains

Aug. 10, 2012
Market falling

U.S. stocks, affected by weak import-export data out of China, began Friday in a sell-off and ready to snap five days of gains.

The Dow Jones industrial average shed 48.36 points, 0.37 percent, to 13,116.83 in early trading.

The Nasdaq lost 12.15 points, 0.40 percent, to 3,006.49.

The Standard & Poor's 500 retreated from its several-days run above the 1,400 mark, losing 4.63 points, 0.33 percent, to 1,398.17.

The General Administration of Customs in China said the country's exports rose 1 percent for the year to $176.9 billion in July, plunging from 11.3 percent in June. Imports rose 4.7 percent to $151.8 billion for the year in July after a growth of 6.3 percent in June.

"There's going to be a negative overhang, with China's export data news signifying continued slower growth in the global economy," Mark Turner, head of U.S. sales trading at Instinet, told The Wall Street Journal.

Domestically, import prices for July dipped 0.6 percent from June, the Labor Department said.

The 10-year U.S. treasury note yielded 1.653 in early trading.

Against the euro, the dollar was $1.2275 from $1.2305 Thursday. Against the yen, the dollar was 78.22 from 78.58 Thursday.

In Tokyo, the Nikkei closed at 8,891.44, off 87.16 points, or 0.97 percent.

Source: Copyright United Press International 2012

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