Dow Plunges to Second Weekly Loss as Dour December Continues By

© Reuters.  U.S. Futures pointed to a flat opening bell on Wall Street.

© Reuters. – The Dow closed lower for the second-straight week on Friday, as fears over slowing global growth triggered a steep selloff across stocks on Wall Street.

The fell 2.01%. The dropped 1.89%, while the lost 2.26%.

A sea of red washed over Wall Street, as weak industrial output and retail sales from China and subdued eurozone growth data flagged concerns about global growth, prompting traders to abandon stocks.

The selloff was led by health care on the back of slump in the shares of Johnson & Johnson (NYSE:).

Johnson & Johnson fell more than 810 after Reuters reported the company knew for decades that its talcum baby powder contained asbestos, something the company denied.

Apple (NASDAQ:), meanwhile, weighed on tech as analysts continued to warn about weaker iPhone sales, sending its share price more than 3% lower.

TF International Securities analyst Ming-Chi Kuo cut his estimate for first quarter 2019 by 20% to a range of 38 million to 42 million units.

Ahead of the Federal Reserve meeting next week, investors continued to abandon bank stocks, pressuring financials, which have fallen about 10% so far this month.

Goldman Sachs (NYSE:), Morgan Stanley (NYSE:) and Citigroup (NYSE:) were down on the day.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link


Please enter your comment!
Please enter your name here