Demand fears hit materials - New York Report

LOSSES in materials and energy shares as weak Chinese and US factory data added to growth worries led to US stocks ending down slightly yesterday.

The Dow Jones industrial average fell 50.58 points, or 0.31 per cent, to 16,279.89, the S&P 500 lost 3.98 points, or 0.2 per cent, to 1,938.76 and the Nasdaq Composite dropped 3.98 points, or 0.08 per cent, to 4,752.74.

Data showed US manufacturing growth stayed at a two-year low in September, while Chinese factory activity shrank to a 6.5 year low in the month.

Boeing said it had won orders and commitments from China for aircraft valued at about $38bn (£25bn) , but its shares fell 1.7 per cent to $131.67.

“The market looks tired and flat, and there is some hesitation to commit with earnings coming out in two weeks and worries about China and the impact on companies that do a lot of business overseas,” said Daniel Morgan at Synovus Trust Company.