US stocks tumble 1% after reports on weak US, Chinese manufacturing data
NEW YORK (AFP) - United States stocks fell sharply in early trade on Monday as lackluster reports on Chinese and US manufacturing activity added to concerns about economic growth and emerging-market economies.
About 55 minutes into trade, the Dow Jones Industrial Average slumped 156.92 points (1 per cent) to 15,541.93.
The broad-based S&P 500 sank 18.85 (1.06 per cent) to 1,763.74, while the tech-rich Nasdaq Composite Index fell 51.31 (1.25 per cent) to 4,052.57.
Global markets already were dampened by China's purchasing managers index for manufacturing, which fell to 50.5 in January from 51.0 in December and 51.4 in November.