Monday, November 29, 1999

Wall Street hurt by global growth jitters

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U.S. stocks fell on Monday as investor concerns grew that efforts to tackle the euro-zone debt crisis could stifle the global economic recovery.In U.S. economic news, a gauge of manufacturing in New York state showed growth advanced at a slower pace in May, while a Chinese leading economic indicator showed growth may have already peaked for the country.Demand worries hit commodities, including oil, which fell to a five-month low below $70 a barrel. Energy companies led the way down with Exxon Mobil falling 1 percent to $63.00. Freeport-McMoRan Copper & Gold dropped 4.2 percent to $66.84, as copper prices sank 6.1 percent.The euro slid to a four-year low at one point as investors fretted that the steps some euro-zone nations are taking to cut their budgets will hinder economic growth."It's a matter of executing and building in the austerity plans and putting them in place, so that you're not just throwing a lot of money at a situation with a lot of debt and increasing the problem without changing the underlying root of the problem," said Alan Lancz, president at Alan B. Lancz & Associates Inc in Toledo, Ohio.The Dow Jones industrial average fell 83.66 points, or 0.79 percent, to 10,536.50. The Standard & Poor's 500 Index lost 9.28 points, or 0.82 percent, to 1,126.40. The Nasdaq Composite Index declined 17.85 points, or 0.76 percent, to 2,329.00.Shares of manufacturers tumbled, with Caterpillar, down 3.1 percent at $62.90 and ranking among the heaviest weights on the Dow.Financial shares were also among the biggest losers with the S&P financial index down 1.6 percent. The U.S. Senate is likely to hold a final vote on financial regulation reform on Wednesday or Thursday, a Senate Democratic aide said.Shares of major U.S. home improvement chain Lowe's Cos fell 3.9 percent to $25.05 after giving a disappointing profit forecast for the year. The Dow Jones U.S. home construction index slid 2.1 percent.(Editing by Kenneth Barry)
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