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Stocks Lower on Worries Over China Slowdown

Signs that China’s economy is weakening and Europe is slowing sent U.S. stocks lower.

PhotoLink, Getty Images

Oil prices dropped 2 percent to their lowest level in a week after the reports of a possible global slowdown. That hurt oil stocks: Alpha Natural Resources, Consol Energy, and Noble Energy were all down 4 percent.

The disconcerting news from overseas Thursday overshadowed reports showing the U.S. economy is gaining momentum.

The Dow Jones industrial average closed down 78 points to 13,046 Thursday. The Standard & Poor’s 500 index fell 10 points to 1,393, while the Nasdaq composite fell 12 points to 3,063.

China’s manufacturing sector is contracting, according to a report. Another survey in Europe also showed signs of a slowdown there in services and manufacturing.

 

(Copyright 2012 by The Associated Press.  All Rights Reserved.)

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