Stocks Head Lower; Economy in Focus
Originally published on Fox Business
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The markets slipped into negative territory as traders reacted to a bearish report on orders for U.S. factory goods.
As of 11:50 a.m. ET, the Dow Jones Industrial Average fell 33.5 points, or 0.28%, to 12085, the S&P 500 dipped 5 points, or 0.39%, to 1273 and the Nasdaq Composite slumped 7.4 points, or 0.27%, to 2739.
The markets were thrashed last week, wiping out the Dow's gains for 2012 and throwing the broader S&P 500 to the brink of correction territory. It was the fourth week of losses in five weeks for the blue-chip average. The slide was sparked by renewed concerns that growth in the U.S. and China may be slowing down, while Europe's economy appears to be contracting at an increasing pace.
Traders in Asia got their first chance to react to the retreat in American and U.S. markets on Monday. The Japanese Nikkei 225 sold off by 1.7% and the Chinese Hang Seng tumbled 2.8%.
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