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China export data causes industrial stocks to slip

Bloomberg News

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NEW YORK: Stocks slid in Monday trading, pulling the Standard & Poor’s 500 index down from a record, as a slowdown in Chinese exports fueled concern about global economic growth.

Boeing Co. dropped 1.3 percent after a 777-200 plane disappeared with 239 passengers and crew during a Malaysia Airlines flight to Beijing on March 8.

Chiquita Brands International Inc., owner of the namesake banana label, soared 11 percent after agreeing to buy Fyffes Plc. Industrials. The S&P 500 lost 0.5 percent as Joy Global Inc. and ADT Corp. fell at least 2.5 percent.

The S&P 500 declined less than 0.1 percent to 1,877.17, paring a drop of as much as 0.6 percent. The benchmark gauge is up 177 percent since reaching its bear-market low, which was five years ago March 9.

The Dow Jones industrial average slipped 34.04 points, or 0.2 percent, to 16,418.68.

China’s CSI 300 Index dropped to a five-year low after customs data on March 8 showed exports from China fell 18.1 percent in February from a year earlier. That was the largest decline since August 2009.

Cliffs Natural Resources Inc. slipped 3.8 percent to $17.95, the weakest level since July. Axiom Capital Management initiated coverage with a sell rating on the Cleveland-based mining company. Axiom said that a possible bankruptcy is a “growing reality” due to Cliffs’ reliance on iron ore production. The firm forecasts that the average price of iron ore will decline by year-end.


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