Global growth worries, J&J's tumble drag Wall St. lower
By Sinéad Carew (Reuters) - U.S.
By Sinéad Carew
(Reuters) - U.S. stocks slumped on Friday as weak data from China and Europe stoked fears of a global economic slowdown, while Johnson & Johnson slid after Reuters reported the company knew for decades that asbestos lurked in its Baby Powder.
Investors worried about global growth after China reported weak monthly retail sales growth and industrial output numbers, as disappointing economic data was released from Euro zone.
The Johnson & Johnson
The pharma major also pulled down the S&P healthcare index <.SPXHC> 3.6 percent, making it the biggest decliner among the 11 major sectors. The technology index <.SPLRCT>, which includes a number of companies with global operations, especially China, dropped 2.4 percent.
Strong U.S. retail sales data appeared to have little impact on markets, with the S&P retail sector <.SPXRT> falling 2 percent.
"Solid fundamental data that gets to the core of the U.S. economy is overshadowed by the potential for a global slowdown washing up on our shores," said Phil Blancato, chief executive of Ladenburg Thalmann Asset Management in New York.
But Blancato said he does not buy the thesis that slowing growth outside of the United States will hurt the U.S. economy and that the decline was a buying opportunity.
At 2:57 p.m. EST (1947 GMT), the Dow Jones Industrial Average <.DJI> was down 472.77 points, or 1.92 percent, to 24,124.61, the S&P 500 <.SPX> lost 47.63 points, or 1.80 percent, to 2,602.91 and the Nasdaq Composite <.IXIC> dropped 140.11 points, or 1.98 percent, to 6,930.22.
The market has struggled this week with choppy trading and has failed to hold on to opening levels in magnitude or direction on concerns ranging from U.S.-China trade talks, interest rates and a flattening U.S. Treasury yield curve to uncertainty over the shape of Brexit.
But investors appeared to shrug off Beijing's announcement it would suspend additional tariffs on U.S.-made vehicles and auto parts for three months starting Jan. 1.
The S&P healthcare sector was last down 3.5 percent followed by a 2.7 percent decline in the energy index <.SPNY> and technology stocks, which were down 2.4 percent.
Costco Wholesale Corp
Walgreens Boots Alliance Inc
Declining issues outnumbered advancing ones on the NYSE by a 3.90-to-1 ratio; on Nasdaq, a 2.96-to-1 ratio favored decliners.
The S&P 500 posted nine new 52-week highs and 84 new lows; the Nasdaq Composite recorded six new highs and 367 new lows.
(Additional reporting by Chuck Mikolajczak in New York, Medha Singh in Bengaluru; Editing by Sriraj Kalluvila and Jonathan Oatis)
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