Stocks Sink on China Slowdown Fears

Dow ends day down 208
By Newser Editors and Wire Services
Posted Jan 28, 2019 3:11 PM CST
Stocks Sink on China Slowdown Fears
Trader Joseph Lawler works on the floor of the New York Stock Exchange, Monday, Jan. 28, 2019.   (AP Photo/Richard Drew)

(Newser) – Stocks are closing broadly lower on Wall Street as traders worry about the impact on US companies of a slowdown in China's economy, the AP reports. Caterpillar dropped 9.1% Monday after the heavy equipment maker reported earnings that were far below what analysts were expecting. Nvidia sank 13.8% after the chipmaker issued a poor outlook, also blaming weakness in China. US-listed shares of Vale plunged 18%. The Brazilian mining operator faces potentially hefty legal and financial challenges in the wake of a deadly mine disaster. The S&P 500 index fell 20 points, or 0.8%, to 2,643. The Dow Jones Industrial Average lost 208 points, or 0.8%, to 24,528. The Nasdaq dropped 79 points, or 1.1%, to 7,085. (Read more stock market stories.)

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