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5 years ago
GLOBAL MARKETS-China growth worries weigh on stocks, boost Treasuries
March 20, 2012 / 2:07 PM / 5 years ago

GLOBAL MARKETS-China growth worries weigh on stocks, boost Treasuries

NEW YORK, March 20 (Reuters) - Renewed concerns about
China's economic growth weighed on global stocks on Tuesday,
giving a boost to safe-haven assets such as U.S. government
bonds and the dollar.	
    U.S. crude oil prices dropped 1.6 percent to $106.37
a barrel as increased supply from Saudi Arabia and a return to
pre-war exports from Libya eased pressure on the market.	
    Key U.S. stock indexes opened more than half a percentage
point lower, with the S&P 500 sliding 0.7 percent after closing
less than 10 percent shy of its 2007 all-time high.	
     "It seems like a market that probably just needs to take a
rest, but I wouldn't be surprised (if) we rally into the day,"
said Jack Ablin, chief investment officer at Harris Private Bank
in Chicago. 	
    "It is now a focus back on the fundamentals on the economy
and those news items aren't quite as daunting, it's really just
fine tuning."	
    After about 20 minutes into the trading session, the Dow
Jones industrial average was down 112.46 points, or 0.85
percent, at 13,126.67. The Standard & Poor's 500 Index  
fell 12.01 points, or 0.85 percent, at 1,397.74. The Nasdaq
Composite Index  declined 27.39 points, or 0.89 percent,
at 3,050.93.	
    World stocks measured by the MSCI All-Country World Index
 dropped 0.98 percent, after closing near levels
last seen in late July. 	
    In Europe, the FTSEurofirst 300 index fell 1.14
percent as autos and miners were hit by worries of a China
slowdown.	
    The dollar rose 0.41 percent against a basket of major
trading-partner currencies, according to the U.S. Dollar Index
.	
    Benchmark 10-year Treasury notes were trading
12/32 higher in price to yield 2.34 percent, down from 2.38
percent late Monday, while 30-year bonds gained
23/32 to yield 3.44 percent, down from 3.48 percent.

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