Disappointing news that China's economic growth slowed in the first quarter sent the stock market today (Monday) reeling.
Just before noon, the Dow Jones Industrial Average dropped 0.61% to 14,773.75. The Standard and Poor's 500 Index slumped 0.75% to 1,576.87. The Nasdaq fell 0.80% to 3,268.45. Oil slipped 3.44% to $88 a barrel.
And the biggest loser of the day, gold plunged as much as 6.3%, hitting a low of $1,384.60.
Dragging stocks down was a report that China's economy grew at 7.7% in Q1, weaker than the 8% growth economists were expecting, and down from Q4's 7.9%. This rattled global markets, as fears spread that there would be continued lower demand for Chinese goods and services.
"The international situation continues to concern people, both in regard to Europe and China," John Carey, a fund manager for Pioneer Investment Management Inc., told Bloomberg News. "People are watching for some signs of improvement in both areas. Otherwise we're just in the early stages of earnings season, so people will have one eye on what's going on outside the U.S. and another close eye on what's happening with regard to earnings."
More than 75 members of the S&P 500 are scheduled to report earnings this week. Here are some to watch, along with the biggest headline makers in the stock market today.Monday's News Makers
The results topped estimates for both profit and revenue.
"Achieving consistent, high quality earnings is one of my top priorities and these results are encouraging," CEO Mike Corbat said in a statement.
Citi's shared have gained 30% since Corbat was named CEO in mid-October, replacing Vikram Pandit. Under Pandit's five-year reign, shares shed roughly 90% in value.
For a closer look at what's going on in the gold market, check out this report from our Global Resources Specialist Peter Krauth.