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Friday, December 14, 2018

Dow Dives About 500 Points To Its Lowest Close Since May

By: Fred Imbert, Sam Meredith, Yen Nee Lee

Stocks fell sharply on Friday after weaker-than-expected data in China and Europe exacerbated concerns of a global economic slowdown.

The Dow Jones Industrial Average fell 550 points, led lower by declines in Apple and Johnson & Johnson. The S&P 500 dropped 2.1 percent as the consumer staples and health care sectors lagged. The Nasdaq Composite pulled back 2.4 percent. Friday's losses wiped out the gains for the week.

China reported industrial output and retail sales growth numbers for November that missed expectations. This is the latest sign shown by China that its economy may be slowing down. The data also underscored the rising risks to China's economy as Beijing works to resolve an ongoing trade war with the U.S.

"The economic data continues to bear out growth is slowing," said Tom Martin, senior portfolio manager at Globalt. "There is still a lot of positive positioning out there. As the data continues to slow, people are feel less comfortable with that and start to sell."

Read more at CNBC.

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