China And Europe Worries Drive Stocks Down: Acadiana Business Index
The market took its cues from downbeat economic news out of China and Europe. The Dow Jones Industrial Average lost 15 points to 12,963. Mark Lasseigne has your stock market report in today’s Acadiana Business Index.
China said the 2012 target for its economic growth would be 7.5%, down from the 8% target that had been in place for eight years.
In Europe, a reading on business activity contracted more than expected in February. In addition, there were concerns with problems in the deal needed for Greece to receive bailout funds.
In the U.S., a gauge of the nation’s services sector climbed in February and factory orders declined less than expected.
In corporate news,
Yahoo is preparing a broad restructuring of the company, including layoffs likely to number in the thousands. Shares were down 0.7%.
US Airways fell 8.25% after a key revenue gauge at the airline showed its slowest growth since June.
And, BP rose 1% in wake of the oil giant’s $7.8 billion settlement with plaintiffs in the 2010 Gulf of Mexico oil spill.
Light sweet crude settled at $106.72 a barrel.
And, gold closed at $1,704 an ounce.