New York Report: Global growth fears weigh on Wall Street

US SHARES fell yesterday, with consumer staples leading the S&P 500 down to its third straight daily loss, as investors grew concerned about the pace of global economic growth.

The Dow Jones industrial average fell 116.81 points, or 0.68 per cent, to 17,055.87, the S&P 500 lost 11.52 points, or 0.58 per cent, to 1,982.77 and the Nasdaq Composite dropped 19.00 points, or 0.42 per cent, to 4,508.69.

Wall Street’s losses tracked Europe’s 1.3 per cent slump, after data showed a contraction in French business activity and slower growth in German manufacturing this month.

Unrest abroad added an element of caution to the market after the launch of US air strikes in Syria against Islamic State fighters. The tension lifted crude oil prices 0.6 per cent to $91.44 per barrel.

CarMax was the biggest S&P 500 faller on the day, off 9.5 per cent to $47.80 after earnings missed expectations and same-store sales that plunged from the prior year.

Shares in Alibaba dropped for a second consecutive day after Friday’s blockbuster stock debut, ending down three per cent to $87.20.

CF Industries jumped 5.3 per cent to $269.37 as the benchmark index’s biggest gainer. The fertiliser company is in talks about a merger of equals with Norway’s Yara.

Bed Bath & Beyond rose 6.9 per cent to $67 in after-hours trading after the company reported its second-quarter results, which included a 3.4 per cent rise in same-store sales.

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