Economy
CLOSING BELL: August 13: DJIA: 13,169.43 | DOWN 38.52 | -0.29%
OIL: $92.73, DOWN 0.14, -0.15%%
GOLD: $1,612.60, DOWN 10.20, +0.63%
GASOLINE (US Avg): $3.696, UP .023
Global stocks slip on world growth worries; euro gains
Herbert Lash, Reuters – World stock markets eased on Monday after weak Japanese economic data added to the latest reports showing a slowing global economy, while the euro rose as investors exited bearish bets against the common currency.
European shares posted their worst day in more than a week and U.S. stocks snuffed a six-day rally for the S&P 500 after Japan reported its gross domestic product expanded just 0.3 percent in the second quarter.
Japan’s growth was half the expected rate, raising doubts about the global economy while highlighting the impact of Europe’s debt crisis on world demand.
In another sign of potential slowing demand, Chinese customs data showed output of refined copper dropped 6.8 percent in July from record high production the previous month. Chinese copper consumption is considered an economic bellwether.
The Dow Jones industrial average .DJI closed down 38.52 points, or 0.29 percent, at 13,169.43. The Standard & Poor’s 500 Index .SPX fell 1.76 points, or 0.13 percent, to 1,404.11. The Nasdaq Composite Index .IXIC rose 1.66 points, or 0.05 percent, to 3,022.52.
Read the rest of this article at Reuters here.
The Common Good publishes a financial market wrap-up every weekday after markets close, available here.
