US stocks mostly lower on data, Scotland vote
This Jan. 4, 2010, file photo shows an entrance to a Wall Street subway station in New York. US stocks finished mostly lower Monday, Sept. 8, 2014, following disappointing economic data from China and Japan and the growing specter of Scotland breaking away from the United Kingdom. AP PHOTO/MARK LENNIHAN
NEW YORK–US stocks finished mostly lower Monday following disappointing economic data from China and Japan and the growing specter of Scotland breaking away from the United Kingdom.
The Dow Jones Industrial Average fell 25.94 points (0.15 percent) to 17,111.42.
The broad-based S&P 500 fell 6.17 (0.31 percent) to 2,001.54, while the tech-rich Nasdaq Composite Index rose 9.39 (0.20 percent) to 4,592.29.
“US equities are taking a breather following a five-week rally,” Wells Fargo Advisors said in a note.
China reported a surprising drop of 2.4 percent in imports, the latest data to raise questions about the world’s second-biggest economy.
Japan, the No. 3 economy, shrank 1.8 percent in the April-June quarter, worse than the previously estimated contraction of 1.7 percent.
The British pound fell after polls showed rising support in Scotland for independence in a referendum next week. The FTSE 100 dipped 0.3 percent.
Major news events this week include an expected Apple product launch Tuesday and a report on August US retail sales Friday.
Dow member Boeing gained 2.6 percent as it announced a major contract award from Irish low-cost carrier Ryanair. Ryanair agreed to purchase 100 planes for $11 billion, with options to buy an additional 100 aircraft.
Petroleum producers such as ExxonMobil (-1.5 percent) and Apache (-1.6 percent) came under pressure as Brent oil prices fell below $100 a barrel for the first time since June 2013.
Oil services companies Halliburton (-1.7 percent) and Schlumberger (-2.1 percent) also tumbled.
Yahoo jumped 5.6 percent after Chinese online marketplace Alibaba unveiled plans to raise up to $24.3 billion through a large initial public offering.
Under the IPO plan, which has long been in the works, Yahoo will reduce its stake from the current level of 22.4 percent to 16.3 percent.
Twitter shot up 2.6 percent on news that it has begun testing “buy buttons” that let people make purchases directly from marketing posts. The move could enhance Twitter’s appeal to advertisers.
Car-rental giant Hertz Global Holdings edged up 0.1 percent after announcing that chief executive Mark Frissora was stepping down. Hertz has come under scrutiny after announcing in June that it would restate financial results because of accounting mistakes.
Bond prices fell. The yield on the 10-year US Treasury rose to 2.47 percent from 2.46 percent on Friday, while the 30-year increased to 3.22 percent from 3.19 percent. Bond prices and yields move inversely.
