Wall Street Closes Lower On Asian Economies

Posted On 11 Mar 2014
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Tag: U.S. economic data, wall street closes lower on asian economies

NEW YORK (AP) - The price of the shares on the Stock Exchange in New York closed Monday down due to investor concerns caused by disappointing economic data from China and Japan, as well as the uncertainty arising from the Russian incursion in Ukraine.

The rates of major markets reduced their losses as the end of the day with the help of some actions quoted above, as Alexion Pharmaceuticals, Chiquita Brands International and Southwest Airlines approached.

The Standard & Poor’s 500 index fell 0.87 points to close at 1877.17. It was down 11 during the whole day.

The Dow Jones industrial average declined 34.04, or 0.2%, to settle at 16,418.68 units. The Nasdaq composite index fell 1.77 points, less than 0.1% and ended at 4334.45 units.

Given the lack of U.S. economic data, investors focused on the other latitudes, as the 18% drop recorded in February that China’s exports.

This statistic increased fears over the outlook for the world’s second largest economy.

In addition, Japan reported in January a historical current account deficit and cut its forecast for economic growth in the October-December quarter from 1% to 0.7%.

News of China and Japan, as well as Ukraine, have had an impact on that market since beginning a discouraged investors took advantage of the circumstances to recalibrate their volumes of shares.

“It was a bit like an excuse to take money off the table,” said Ron Florence, deputy director of investments at Wells Fargo Private Bank.

“We have geopolitical uncertainty, so it’s a good excuse to reassess risk exposure’s going to be normal in the course of this year,” he added.

The three major U.S. indexes remain in positive territory during the month and the Dow only negative so far in the year field.

The S & P 500 until Monday accumulated a 1.6% so far this year, while the Nasdaq takes 3.8%.

The disappointing economic data from China hurt many industries heavily dependent economic growth of the Asian giant, particularly those related to materials, energy and industrial production.

Shares of the mining company Cliffs Natural Resources are among those that reported the largest declines in the S & P 500 fell 3.8% and was at $ 17.95.

In European markets the FTSE 100 index in Britain fell 0.4% and ended at 6689.45 points, while Germany’s DAX fell 0.9% to settle at 9265.50. The CAC-40 in France, in contrast, gained 0.2% to close at 4370.84.

Earlier in Asia, the Nikkei was down 1% at 15,120.14, while the Shanghai Composite Index, China, lost 2.9% to settle at 1999.06. The Hang Seng in Hong Kong fell 1.88% and ended at 222,264.93 integers. (Courtesy usa news).

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