Stocks Fall as Economic Malaise Spreads to Japan
U. S. stocks are closing mostly lower after the latest evidence that the global economic slowdown is dragging on Asia.
Japan said Monday that its economy grew in the second quarter at a 1.4 percent annual rate, slower than many analysts had expected. Last week, China released dismal figures on retail sales and exports for July.
Slower growth in Asia worries investors because Asia’s economic endurance has helped offset weakness in the U.S. and Europe.
The Dow Jones industrial average closed down 38 points at 13,169. The Standard & Poor’s 500 index finished down two at 1,404. The Nasdaq composite index rose two points to 3,022.
About two stocks fell for every one that rose on the New York Stock Exchange. Volume was very light at 2.5 billion shares.
(Copyright 2012 by The Associated Press. All Rights Reserved.)