US markets slip on weak data from China, Europe

23 Mar 2012 Evaluate

The US markets closed lower on Thursday, with the S&P 500’s third-straight loss pushing it back under 1,400 as European and Chinese manufacturing contracted. The economic data from the euro zone prompted worries of recession and Chinese manufacturing weakened for the fifth month in a row. Even the positive report on the American labor market failed to stem losses, with the Labor Department reporting applications for jobless benefits last week declined to a four-year low. Applications for weekly unemployment benefits set a new four-year low, the government reported, in another sign that the US labor market continues to gradually improve. Initial claims fell by 5,000 to a seasonally adjusted 348,000, the lowest level since February 2008. Besides, Economic progress may continue through the summer and possibly beyond, the Conference Board stated, as it reported increasing widespread strength among economic data. The research group’s index of leading economic indicators grew 0.7% in February, led by improving jobless claims. A longer-term trend also shows improvement, according to the Conference Board.

However, Chinese factory activity is slowing sharply, dragging on employment amid a deepening slowdown in global demand and aggravated by a stall in domestic consumption, according to March survey data showing new orders at a four-month low. A preliminary reading of HSBC’s manufacturing purchasing managers’ index for March, released printed at 48.1 on a 100-point scale, down from a final reading of 49.6 in February. In Europe, weaker-than-expected purchasing managers' index readings from France and Germany pointed to an accelerated contraction in private-sector activity across the euro zone, highlighting fears the region slipped into and remains in a recession.

The Dow Jones Industrial Average closed lower by 78.48 points, or 0.60 percent, at 13,046.10. The S&P 500 lost 10.11 points, or 0.72 percent, at 1,392.78, while the Nasdaq was down by 12.00 points, or 0.39 percent, at 3,063.32.

Indian ADRs closed in red on Thursday, ICICI Bank was down 1.37%, Infosys Technologies was down 1.27%, HDFC Bank was down 0.96%, Tata Motors was down 0.94% and Dr. Reddy’s Lab was up 0.64%.

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