Wall Street edges lower on China economy woes

16 June, 2019 12:00 AM printer

NEW YORK: Wall Street sagged into the red on Friday but clung to slender gains for the week as investors were buffeted by an array of global uncertainties and risks.

The subdued movements for stocks came as investors await next week’s policy meeting by the Federal Reserve, which investors will scrutinize for signs the central bank is ready and willing to lower interest rates, reports AFP.

The major indices were also largely unmoved by rosy economic news from the United States — where data showed retail sales and industrial output were strong in May — focusing instead on gloomy numbers from China and a dimming outlook for semiconductors.

The benchmark Dow Jones Industrial Average closed down less than a tenth of a percent, settling at 26,089.61.

The broader S&P 500 fell 0.2 percent to 2,886.99 while the tech-heavy Nasdaq sank 0.5 percent to close at 7,796.66.

Good US economic news “helped alleviate some of the bear factors showing that the economy was slowing too much,” Peter Cardillo of Spartan Capital told AFP.

“We also have technical issues … that helped the market at the end of the session.”

Chinese industrial production in May hit its slowest pace in 17 years, raising fears of a pronounced slowdown in the world’s second largest economy, according to official data released Friday.