MARKET SNAPSHOT: U.S. Stocks Drop As Gold Free Fall Hits Miners
U.S. stocks Monday were on track for their worst day in seven weeks, with the Dow industrials off more than 100 points, after data pointing to a China slowdown and less optimism among home builders sapped momentum in what’s been a near-vertical stock rally.
The Dow Jones Industrial Average(DJI) fell 160 points, or 1.1%, to 14,705. The S&P 500 (SPX) lost 21 points, or 1.3%, to 1,568. The Nasdaq Composite (RIXF) sank 52 points, or 1.6%, to 3,243.
U.S. stocks extended losses in Europe and Asian equities after China announced gross domestic product for the January-March quarter grew 7.7% from a year earlier, less than forecasts calling for growth of 8%, while industrial production in April slowed to 8.9%, the weakest in more than a year.
Gold was hit hard by that news, deepening Friday’s losses with a decline of more than 8% to fall below $1,400 an ounce. Other metals and oil also tumbled.
On the S&P 500, resource stocks including Newmont Mining Corp. (NEM)and Freeport McMoRan Copper & Gold Inc. (FCX) led losses. Of the 10 sectors, all but telecoms were lower, led by nearly 3% drops in the materials and energy sectors.
Read More: http://www.stockgoldmarket.com/market-snapshot-u-s-stocks-drop-as-gold-free-fall-hits-miners
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