NST Online Business Times : latest
NST Online Business Times : latest |
| Boston blasts, China data rock US stocks Posted: 15 Apr 2013 04:40 PM PDT EW YORK: Deadly explosions in Boston and disappointing China economic growth rocked US stocks Monday, sending the broad-market S&P 500 down more than 2.0 percent. Amid sharp sell-offs in commodities like oil and gold, the Dow Jones Industrial Average tumbled 265.86 points (1.79 percent) to 14,599.20. The S&P 500 index dropped 36.49 points (2.30 percent) to 1,552.36, while the tech-rich Nasdaq Composite shed 78.46 points (2.38 percent) at 3,216.49. At least two people were killed and 22 wounded when two explosions struck near the finish line of the Boston Marathon about an hour before the markets closed.
The S&P 500 shed about 14 points of its 36.50-point dive, or 38 percent of the day's loss, following the blasts. Earlier, Wall Street was already under pressure from the opening bell after China reported gross domestic product growth slowed to 7.7 percent in the first quarter of this year from 7.9 percent in the prior quarter. That was well below analyst expectations of around 8.0 percent, and renewed concerns about a slowdown in the global economic engine. US data showing a larger-than-expected slowdown in New York state manufacturing in April and a drop in confidence of homebuilders added to growth concerns. "The early indications are that April economic data remain soggy relative to a disappointing March," said Deutsche Bank analysts in a research note. Citigroup's quarterly earnings gains and two big M&A announcements -- DISH Network's US$25.5 billion bid for Sprint Nextel and Thermo Fisher's US$13.6 billion takeover of genetic sequencing powerhouse Life Technologies -- failed to sway sellers. Citigroup edged up 0.2 percent after its first-quarter earnings bested analyst forecasts. Satellite-television provider DISH Network dropped 2.3 percent after proposing a US$25.5 billion merger with wireless carrier Sprint, up 13.5 percent. US laboratory equipment maker Thermo Fisher Scientific fell 1.3 percent after announcing its $13.6 billion bid to acquire biotech firm Life Technologies. Life Tech gained 7.5 percent. Gold equities were in retreat after gold prices continued to plummet. Goldcorp and Newmont Mining both sank 6.7 percent, and Barrick Gold dived 12.6 percent. Another US$2-plus fall in oil prices sent energy share sinking. ConocoPhillips lost 3.6 percent, Chevron gave back 2.8 percent and ExxonMobil slid 2.8 percent. -- AFP |
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