Worry Over Chinese Demand Drives Stocks Lower
Stocks are finishing lower for only the second time in two weeks because of concerns about an economic slowdown in China.
Preliminary figures show the Dow Jones industrial average is ending down 69 points at 13,170. The Standard & Poor’s 500 index is closing down four at 1,406. And the Nasdaq composite index is wrapping up down four at 3,074.
Home prices dropped in 45 Chinese cities last month. And a major world mining company says it expects weaker Chinese demand for iron ore, used in steelmaking. Explosive growth in China has helped the global economic recovery.
Declining shares outnumbered advancers by about 2-to-1 on Tuesday on the New York Stock Exchange. Volume was light at 3.4 billion shares.
(Copyright 2012 by The Associated Press. All Rights Reserved.)