China worries weigh down US stocks in early trading
Another sell- off in Chinese stocks spread to global markets Thursday.
The Dow Jones industrial average fell 210 points, or 1.2 percent, to 17,137 as of 10:05 a.m. Eastern. The Standard & Poor’s 500 index lost 23 points, or 0.9 percent, to 2,056 and the Nasdaq composite fell 64 points, or 1.3 percent, to 4,954.
Chinese Sell-off More Infectious
“It used to be just Australia that would catch a cold when China sneezed, but the Chinese sell- off is far more infectious than initially thought,” said David Madden, maket analyst at IG.
An index designed to predict the future health of the U. S. economy declined slightly in July yet still pointed to modest growth in the months ahead.
The Conference Board says its index of leading indicators dropped 0.2 percent in July, af- ter healthy gains of 0.6 percent in both June and May.
The index “is still pointing to moderate economic growth through the remainder of the year,” Ataman Ozyildirim, director of growth research at the Conference Board, said. July’s decline was primarily driven by a sharp fall in building permits.