Stocks Slip as China Export Dip Spurs Global Growth Doubts

Breaking News Emails

Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.
/ Source:

Stocks slipped on Monday, as a deceleration in China's exports had investors fretting about the health of the global economy.

The Dow Jones Industrial Average ended unofficially 34 points lower, while the S&P 500 and the Nasdaq also fell back slightly.

Wall Street's decline "is a reflection of what went on over in China; China's exports dropped pretty startling, and the Chinese are again dropping the value of their currency, which has investors worrying about the global recovery," said Chris Gaffney, a senior market strategist at EverBank.

China's exports unexpectedly fell 18.1 percent last month versus expectations of a 6.8 percent climb.

The dollar rose against the currencies of major U.S. trading partners; the 10-year Treasury yield lost 1 basis point to 2.78 percent. Crude oil futures fell $1.46, or 1.4 percent, to $101.12 a barrel; gold reversed losses, rising $3.30, or 0.2 percent, to $1,327.50 an ounce.

Sunday was the five-year anniversary of the S&P's 12-year low of 77.53, when the economy was in its worst recession in seven decades.