New York Report: US stocks dip on China data
US STOCKS dipped yesterday, weighed down by soft data out of China and Boeing’s latest production setback.
Merger and acquisition announcements, however, as well as company-specific news including on Facebook and Alexion Pharma, helped keep the S&P 500 and Nasdaq from bigger losses.
China’s exports tumbled 18.1 per cent in February, against expectations for a 6.8 per cent rise, swinging the trade balance into deficit.
Boeing shares lost 1.3 per cent to $126.89 on another production setback for the company’s newest jet, as “hairline cracks” were discovered in the wings of about forty 787 Dreamliners.
The Dow Jones industrial average fell 34.04 points or 0.21 per cent, to 16,418.68, the S&P 500 lost 0.87 points or 0.05 per cent, to 1,877.17 and the Nasdaq Composite dropped 1.775 points or 0.04 per cent, to 4,334.448.