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US stocks fall on poor Chinese manufacturing data

Published on Jan 23, 2014 11:25 PM
 

NEW YORK (AFP) - United States stocks on Thursday fell sharply in early trade after a report showed that Chinese manufacturing contracted for the first time in six months in January.

Abut 35 minutes into trade, the Dow Jones Industrial Average lost 144.41 (0.88 per cent) at 16,228.93.

The broad-based S&P 500 sank 13.74 (0.74 per cent) to 1,831.12, while the tech-rich Nasdaq Composite Index declined 32.01 (0.75 per cent) to 4,210.99.

HSBC's China manufacturing sector purchasing managers index fell to 49.6, below the line between growth and contraction, raising concerns that the world's second largest economy is still trying to find its footing.

 
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