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Stocks Plunge to 8-Month Lows          12/14 16:11

   Stocks staggered to eight-month lows Friday after weak economic data from 
China and Europe set off more worries about the global economy.

   NEW YORK (AP) -- Stocks staggered to eight-month lows Friday after weak 
economic data from China and Europe set off more worries about the global 
economy. Mounting tensions in Europe over Britain's impeding departure from the 
European Union also darkened traders' moods.

   The Dow Jones Industrial Average dropped as much as 563 points. On the 
benchmark S&P 500 index, health care and technology companies absorbed the 
worst losses. Johnson & Johnson plunged by the most in 16 years after Reuters 
reported that the company has known since the 1970s that its talc Baby Powder 
sometimes contained carcinogenic asbestos. The company denied the report.

   China said industrial output and retail sales both slowed in November. That 
could be another sign that China's trade dispute with the U.S. and tighter 
lending conditions are chilling its economy, which is the second-largest in the 
world. Meanwhile, purchasing managers in Europe signaled that economic growth 
was slipping.

   Sameer Samana, senior global market strategist for Wells Fargo Investment 
Institute, said investors are concerned that weakness will make it way to the 
U.S. They're wondering if the U.S. economy is likely to run out of steam sooner 
than they had thought.

   "Market consensus has been that the next recession is probably in 2020 or 
beyond," he said. Now, he said, the market is "really testing that assumption 
and trying to figure out whether it's sooner."

   The S&P 500 index lost 50.59 points, or 1.9 percent, to 2,599.95, its lowest 
close since April 2. The Dow retreated 496.87 points, or 2 percent, to 
24,100.51.

   The Nasdaq composite slid 159.67 points, or 2.3 percent, to 6,910.66. The 
Russell 2000 index of smaller-company stocks fell 21.89 points, or 1.5 percent, 
to 1,410.81.

   December is typically the best month of the year for stocks and Wall Street 
usually looks forward to a "Santa Claus rally" that adds to the year's gains. 
With 10 trading days left this month, however, the S&P 500 is down 5.8 percent. 
That followed a small gain in November and a steep 6.9 percent drop in October.

   Johnson & Johnson dropped 10 percent to $133 in very heavy trading. Its 
market value fell by $40 billion.

   Reuters reported that court documents and test results show Johnson & 
Johnson has known for decades that its raw talc and finished Baby Powder 
sometimes contained asbestos, but that the company didn't inform regulators or 
the public. The company called the story "false and inflammatory."

   In July the company lost a lawsuit from plaintiffs who argued that its 
products were linked to cases of ovarian cancer and mesothelioma. A St. Louis 
jury awarded plaintiffs $4.7 billion. Johnson & Johnson faces thousands of 
other lawsuits.

   For more than 20 years, China has been one of the biggest contributors to 
growth in the global economy, and when investors see signs the Chinese economy 
is weakening, they expect it will affect other countries like the U.S. that 
sell things to China.

   In Europe, the index of purchase managers fell in France, which is racked by 
protests, to a level that points toward economic contraction. Germany's reading 
still pointed to growth, but it fell to its lowest level in four years.

   Those reports canceled out some potential good news on trade: the Chinese 
government announced a 90-day suspension of tariff increases on U.S. cars, 
trucks and auto imports. It's part of a cease-fire that China and the U.S. 
announced earlier this month to give them time to work on other issues.

   Among technology companies, Apple dipped 3.2 percent to $165.48. Adobe 
skidded 7.3 percent to $230 after its fourth-quarter profit disappointed 
investors and it also forecast lower-than-expected earnings in the current 
fiscal year. Industrial companies sank as well. Boeing lost 2.1 percent to 
$318.75.

   Oil prices again turned lower, as a slower global economy would weaken 
demand for oil and other fuels. Benchmark U.S. crude fell 2.6 percent to $51.20 
a barrel in New York. Brent crude, used to price international oils, dropped 
1.9 percent to settle at $60.28 a barrel in London.

   European Union leaders rejected British Prime Minister Theresa May's request 
to make changes to their deal covering Britain's departure from the EU on March 
29. British legislators aren't satisfied with the terms May negotiated, and she 
canceled a scheduled vote earlier this week because it was clear Parliament 
wouldn't approve it. Britain's economy and financial markets across Europe face 
severe disruption without an agreement.

   European bond prices rose and yields fell. Both the British pound and the 
euro weakened. The pound slipped to $1.2579 from $1.2660 and the euro fell to 
$1.1303 from $1.1367.

   Germany's DAX declined 0.5 percent and the CAC 40 in France declined 0.8 
percent. Britain's FTSE 100 fell 0.5 percent.

   Japan's Nikkei 225 index slid 2 percent and the Kospi in South Korea lost 
1.3 percent. Hong Kong's Hang Seng was down 1.6 percent.

   Bond prices edged higher. The yield on the 10-year Treasury note fell to 
2.89 percent 2.90 percent.

   In other commodities trading, wholesale gasoline lost 3 percent to $1.43 a 
gallon. Heating oil fell 1.7 percent to $1.85 a gallon and natural gas dropped 
7.2 percent to $3.83 per 1,000 cubic feet.

   Gold fell 0.5 percent to $1,241.40 an ounce. Silver dipped 1.5 percent to 
$14.64 an ounce. Copper was little changed at $2.77 a pound.

   The dollar fell to 113.29 yen from 113.60 yen. 


(BE)

 
 
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