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US: Stocks fall on weak Chinese economic data
[NEW YORK] US stocks opened lower on Wednesday, retreating for a second straight day on concerns about China following disappointing data from the world's second-biggest economy.
Five minutes into trade, the Dow Jones Industrial Average stood at 17,212.87, down 189.97 points (1.09 per cent).
The broad-based S&P 500 dropped 19.65 (0.94 per cent) to 2,064.42, while the tech-rich Nasdaq Composite Index fell 52.89 (1.05 per cent) to 4,983.90 Chinese data released Wednesday all came in below expectations. Industrial production rose 6.0 per cent, below the median forecast for a 6.6 per cent rise. Chinese retail sales and fixed asset investment also lagged analyst forecasts.
The Chinese data "compounded the negative investor sentiment" after Tuesday's surprise devaluation of the yuan pressured US stocks, said Patrick O'Hare, analyst at Briefing.com.