Materials and energy stocks slide on China growth worries
Source: AP
By MATTHEW CRAFT
NEW YORK (AP) — Another slide in raw-material producers and oil companies tugged the stock market to a slight loss on Wednesday, amid heightened concerns about global economic growth. Dow Chemical and Chevron each lost 2 percent.
The news out Wednesday was hardly encouraging. A private measure of manufacturing in China hit its lowest level in six years, a result of weaker factory production, overall new orders and hiring.
That, along with plunging oil prices, could have led to a much bigger sell-off, said Jim Paulsen, chief investment strategist at Wells Capital Management. But that's hardly encouraging for investors looking for a signal that the worst is over. The market has finished lower in four of the past five days.
"I'm sure there are a lot of buyers on the sidelines," he said, "but right now it doesn't seem like a very good time to buy."
FULL story at link.
FILE - In this Monday, July 6, 2015 file photo, a man uses a mobile phone while walking by a building in the Financial District in New York. Asian stocks took a hit from weak Chinese factory data Wednesday, Sept. 23, 2015, while European stocks rose, with shares of Volkswagen stabilizing after its emissions rigging scandal triggered a dramatic slide. (AP Photo/Mark Lennihan, File)
Read more: http://bigstory.ap.org/article/88084ac8245f4c45b45c76fd4017841f/us-stocks-waver-early-trading-oil-recovers
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