US stocks post biggest decline of year

On Monday, the Dow Jones Industrial Average fell 265.86 points (1.8 percent) to close at 14,599.20, Reuters reported.

The Nasdaq Composite Index shed 78.46 (2.4 percent) to 3,216.49, while the Standard & Poor’s 500 Index slipped 36.48 points (2.3 percent) – with a drop of about 14 points following reports of the twin blasts during the Boston Marathon – to close at 1,552.37.

The S&P 500 also recorded its biggest daily drop of the year after the price of gold plummeted during its worst two-day sell-off in 30 years, and following news that China’s economy grew at a slower pace than estimated.

“There was a bad Chinese GDP number, which I think spooked people to start, and technical factors. Profit-taking started taking over. Late in the day, we were getting hit by reports that there were explosions in Boston. That gets people nervous. I don’t think the market has much tolerance for bad news,” said Uri Landesman, president of Platinum Partners investment group


Monday’s decline marked the biggest daily percentage loss for all three major US indexes since November 7 last year, following news of the US presidential election.

The US economy shrank by 0.1 percent in the fourth quarter of 2012, casting doubt on the strength of economic recovery in the country.

GMA/JR

Source Article from http://www.presstv.ir/detail/2013/04/16/298575/us-stocks-post-biggest-decline-of-year/

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