Stocks Lower on Weak China Data
Stocks Lower on Weak China Data
NEW YORK (AP) -- U.S. and global stocks were weighed down Monday by weak Chinese and global economic data, as well as the prospect of a U.S. interest rate hike next month.
KEEPING SCORE: The Dow Jones industrial average lost 131 points, or 0.7 percent, to 17,779 as of 9:45 a.m. Eastern. The Standard & Poor's 500 index lost 13 points, or 0.6 percent, to 2,086 and the Nasdaq composite fell 21 points, or 0.4 percent, to 5,126.
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GLOBAL ECONOMY: Customs data showed China's imports fell by 18.8 percent in October from a year earlier, damping hopes for a Chinese economic rebound this quarter. Exports shrank 6.9 percent in a sign of weak global demand.
AMERICAN JOBS: Markets have been subdued since Friday, when an unexpectedly strong October jobs report cemented expectations the U.S. Federal Reserve will raise interest rates as early as next month after keeping them close to zero since the 2008 global crisis.
The possibility of higher interest rates continued to push bond yields higher. The yield on the 10-year U.S. Treasury note was at 2.37 percent versus 2.33 percent on Friday and significantly higher than the 2.23 percent yield on Thursday.
ENERGY: Benchmark U.S. crude gained 10 cents to $44.38 per barrel in electronic trading on the New York Mercantile Exchange. The contract plunged $1.09 on Friday to close at $44.29.
CURRENCIES: The dollar rose to 123.36 yen from Friday's 123.17. The euro fell to $1.0734 from $1.0742.
(KA)