Another sign of weakness in China sends US stocks lower

NEW YORK (AP) — Stock markets around the world are down Monday after China reported a drop in exports in December. Fears about the health of China’s economy and the global economy overall were a major contributor to the stock market’s plunge in late 2018.

Newmont Mining fell after agreeing to buy Canada’s Goldcorp in a $10 billion deal that will create the world’s largest gold mining company, and Citigroup rose after a strong quarterly report. USA Today publisher Gannett soared after getting an unsolicited takeover offer.

KEEPING SCORE: The S&P 500 index fell 9 points, or 0.4 percent, to 2,586 as of 12:45 p.m. Eastern time. The Dow Jones Industrial Average lost 53 points, or 0.2 percent, to 23,942. The Nasdaq composite retreated 41 points, or 0.6 percent, to 6,930. The Russell 2000 index of smaller-company stocks shed 6 points, or 0.4 percent, to 1,441.

The S&P 500 dropped almost 20 percent from late September until the day before Christmas, partly because investors were worried that the global economy was slowing down dramatically and could go into a recession soon. Since Dec. 26, stocks have regained about half of what they lost in the downturn, but investors remain sensitive to signs of economic trouble.

Most Read Business Stories

CHINA TRADE: China’s exports slipped in December, and exports to the U.S. fell 3.5 percent as rising tariffs and broader weakness affected the world’s second-largest economy. Negotiators from the U.S. and China met earlier this month for three days of trade talks, but it’s not clear how much progress was made or when the two sides will meet again.

Apple lost 1.5 percent to $149.99. The company’s shares tumbled last month after it said sales in China were falling. Wynn Resorts, which runs casinos in Macau, slumped

Read More Here...

Bookmark the permalink.