Stock finished lower Tuesday. The Dow fell 301 points to 24,404 while the S&P 500 lost 37 points to 2,632. The Nasdaq Composite slipped 136 points to 7,020.
The major averages declined amid renewed concerns that global economic growth may be slowing. Yesterday, a survey revealed China’s fourth-quarter GDP eased to the lowest level since 2009, while the annualized figure slumped to the weakest reading since 1990. Separately, the International Monetary Fund trimmed its global growth forecast from 3.7% to 3.5%. In trade news, U.S. representatives confirmed reports that this week’s proposed meeting with Chinese officials has been cancelled. On the domestic data front, an update showed existing home sales declined to the slowest pace in three-years during the month of December.
Ten of 11 S&P 500 sectors finished in negative territory with Utilities the lone outperformer. Industrials were down the most as Stanley Black & Decker tumbled 15.5% to $115.68, its biggest one-day decline since 2013, after the toolmaker cut its full-year guidance. Meanwhile, shares of Arconic fell 16.0% to $17.09 after its board announced the company will no longer seek a buy-out offer. Energy stocks also finished broadly lower as WTI crude slipped 2.3% to $52.57 amid fears of an economic slowdown.
Breadth was negative on issues by roughly 7:2 on the NYSE and 3:1 on the Nasdaq. Composite NYSE volume totaled more than 3.8 billion shares.
Treasuries strengthened along the curve as the yield on the 10-year note declined three basis points to 2.75%. In commodities, COMEX gold advanced 0.1% to $1283.50/ounce.