Stocks decline despite good U.S. economic data
The stock market got off to a rough start Thursday despite positive U.S. economic data, as investors worried about the risk of slowing growth overseas.
European stocks continued a nascent retreat that has taken hold this week. A report showed a decline in manufacturing activity in China, while separate reports hinted at potential economic slowing in Germany and France.
As of 7:30 a.m. PST, the Dow Jones industrial average was off 64.86 points, or 0.5%, to 13,059.76.
The Dow has fallen for three straight days. It had a similar drop earlier this month but then recovered and went on to cross 13,000 a week later.
The selling came despite encouraging news in the U.S., with leading economic indicators rising the most in nearly a year and first-time jobless claims declining to the lowest level in four years.
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