In market action overnight on Wall Street, stocks sold off amid fears of a slowing global economy and weaker-than-expected reading on U.S. manufacturing.
The Dow Jones Industrial Average plunged 660.02 points, or 2.8 percent, to close at 22,686.22. At its session low, the Dow fell more than 700 points. The S&P 500 shed 2.47 percent to finish at 2,447.89 while the Nasdaq Composite dropped 3 percent to close at 6,463.50.
The market sell-off was led by Apple, which saw its stock plunge almost 10 percent after cutting its revenue guidance on Wednesday —its worst session since 2013. The iPhone maker attributed most of the predicted revenue shortfall for struggling business in China.
The decline in stocks stateside was accelerated by a weaker-than-expected reading on the U.S. manufacturing sector. ISM’s manufacturing index fell to 54.1 in December, economists polled by Refinitiv expected 57.9. The data came days after China reported a decline in its factory activity for December.
Disappointing economic data from the world’s two largest economies come at a time when officials from the U.S. and China are attempting to strike a deal on trade, after placing a series of punitive tariffs on each other’s goods.
from Viral News Updates http://bit.ly/2Rx1yEv
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