U.S. stocks slid, pulling the Standard & Poor’s 500 Index down from a record, as a slowdown in Chinese exports fueled concern about global economic growth.
The S&P 500 declined less than 0.1 percent to 1,877.17 at 4 p.m. in New York, paring a drop of as much as 0.6 percent. The benchmark gauge is up 177 percent since reaching its bear-market low, which was five years ago yesterday. The Dow Jones Industrial Average slipped 34.04 points, or 0.2 percent, to 16,418.68 today. About 6 billion shares changed hands on U.S. exchanges, 10 percent lower than the three-month average.
“Chinese numbers gave the market an excuse to sell off,” Bruce Bittles, chief investment strategist at RW Baird & Co., said by telephone from Sarasota, Florida. His firm oversees $120 billion. “The markets did well last week considering the news backdrop was potentially threatening with the Ukraine and weak economic numbers, obviously not including the labor report.”