S&P dips after record; China data, Boeing weigh
Published on Mar 11, 2014 5:54 AM
NEW YORK (REUTERS) - United States (US) stocks dipped on Monday, weighed down by soft data out of China and Boeing's latest production setback.
Merger and acquisition announcements, however, as well as company-specific news including on Facebook and Alexion Pharma, helped keep the S&P 500 and Nasdaq from bigger losses.
China's exports unexpectedly tumbled 18.1 per cent in February, against expectations for a 6.8 per cent rise, swinging the trade balance into deficit and adding to fears of a slowdown in the world's second-largest economy.
"There's reasons to be a little cautious on the market. There's a little bit of profit-taking," said Mr Paul Zemsky, head of asset allocation at ING Investment Management in New York.
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