News Column

Markets stumble on data from China

January 23, 2014

U.S. stock indexes plunged Thursday in a sell-off sparked by factors including lower-than expected manufacturing data from China . Manufacturing activity in China shrank in January, with the purchasing managers index for the sector sliding to 49.6 from 50.5 in December. Numbers under 50 indicate a contraction. "We had some really weak data out of China , and that's scaring people," Ian Winer , director of equity trading at Wedbush Securities told the Wall Street Journal . "If you get weakness [in China ], it's something bulls have to question," Winer said. The Dow Jones industrial average gave up 175.99 points or 1.07 percent to 16,197.35. The Standard & Poor's 500 lost 16.40 points, 0.89 percent, to reach 1,828.46. The technology-dominated Nasdaq composite index dropped 24.13 points, 0.57 percent, to 4,218.87. On the New York Stock Exchange , 1,0415 stocks advanced and 2,111 declined on a volume of 3.9 billion shares traded. In Japan , the Nikkei 225 index lost 125.07 points, 0.79 percent, to 15,695.89. In Europe , London's FTSE 100 lost 53.05 points, 0.78 percent, to 6,773.28. The 10-year U.S. treasury was yielding 2.785 percent on a gain of 23/32. The euro traded lower at $1.3695 and the dollar was lower against the yen at 103.25 yen . Gold added $25.20 to close at $1,263.90 an ounce on the Comex division of the New York Mercantile Exchange . Silver gained 17.1 cents to settle at $20.01 an ounce. Crude oil picked up 65 cents to close at $97.38 per barrel on the NYMEX . On the Chicago Board of Trade , March corn was up 2.75 cents to $4.29 per bushel. Soybeans was off 4.25 at $12.7525 and winter wheat added 8.75 cent to $5.70 .

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Source: UPI Business News

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