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Global Stocks: U.S. stock indices posted declines
U.S. stock indices fell on Monday with energy and materials companies leading declines amid resumed drop in crude oil prices.
The Dow Jones Industrial Average lost 208.29 points, or 1.3%, to 15,885.22. The S&P 500 fell 29.83 points, or 1.6%, to 1,877.08 (its energy sector led declines with a 4.52% drop). The Nasdaq Composite fell 72.69 points, or 1.6%, to 4,518.49.
Dallas Federal Reserve reported that economic activity deteriorated in Texas in January. The business activity index fell to -34.6 from -21.6 in December marking the 13th decline in a row. Lower energy costs decrease demand in the oil sector. The production index, which reflects manufacturing activity, fell about 23 points, to -10.2 from 12.7.
This morning in Asia Hong Kong Hang Seng fell 1.89%, or 365.37, to 18,974.77. China Shanghai Composite Index plunged 2.61%, or 76.82, to 2,861.70. The Nikkei dropped 2.26%, or 386.37, to 16,724.54.
Asian stock indices declined as investors were concerned about several factors, but oil prices were the biggest contributor to today's loss. Investors were also cautious about China's economic outlook and plans by the U.S. Federal Reserve to raise interest rates.
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