View the article online at http://citywire.co.uk/wealth-manager/article/a739903
Overnight Markets: US stocks decline on China data
by Himanshu Singh on Mar 11, 2014 at 03:30
Wall Street fell on Monday, pulling the Standard & Poor’s 500 Index down from a record, weighed down by a slowdown in Chinese exports that fuelled concern about global economic growth.
The Dow Jones industrial average declined 34 points or 0.21%, to 16,419, the S&P 500 lost one point or 0.05%, to 1,877 and the Nasdaq Composite fell two points or 0.04%, to 4,334.
China's exports unexpectedly tumbled 18.1% in February, against expectations for a 6.8% rise, swinging the trade balance into deficit and adding to fears of a slowdown in the world's second-largest economy.
However, the S&P 500 and Nasdaq were saved from bigger losses on merger and acquisition announcements and company specific news including on Facebook and Alexion Pharma.
Boeing Co (BA.N) shares plunged 1.3% on another production setback for the company's newest jet, as "hairline cracks" were discovered in the wings of about forty 787 Dreamliners. The weekend disappearance and presumed crash of a Malaysian airliner made by Boeing was another headwind for the stock.
Freeport McMoRan Copper & Gold (FCX.N) lost 2.5% as signs of a slowing China sent London copper to a more than eight-month low.
Facebook (FB.O) shares hit an intraday record of $72.15 after UBS raised its price target on the online social media giant to $90, from $72. They closed up 3.2%.
Alexion Pharmaceuticals (ALXN.O) jumped 7.1% after it raised its profit and sales forecasts for the year. The French government agreed to raise reimbursement payments for the company's treatment for two rare blood disorders.
Chiquita Brands (CQB.N) and Irish rival Fyffes (FFY.I), Europe's largest distributor, struck an all-stock merger deal to create the world's biggest banana supplier. Chiquita shares jumped 10.7%.
United Rentals Inc (URI.N) gained 3.8%. The world's largest equipment rental company said it agreed to buy privately-held National Pump, the second-largest specialty pump rental company in North America, for $780 million.
News sponsored by:
As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.
Today's top headlines
With talk on interest rates on the horizon, our latest roundtable debate covers income investing against a changing backdrop