US stocks drop on weak data

US stocks fell yesterday as expectations for quick stimulus action from the Federal Reserve faded and Chinese and Eurozone data pointed to a stalling global economy.

Each of the 10 major S&P sectors finished in negative territory, with the economically sensitive materials sector the worst performer, down 1.7 per cent.

Minutes published from the latest Federal Reserve meeting indicated the central bank might be ready for another round of stimulus for the economy, supporting equities on Wednesday.

The Dow Jones industrial average dropped 115.30 points, or 0.88 per cent, to 13,057.46. The Standard & Poor’s 500 Index lost 11.41 points, or 0.81 per cent, to 1,402.08. Meanwhile the Nasdaq Composite Index fell 20.27 points, or 0.66 per cent, to 3,053.40.