Stock Market Watch

Stocks Tumble; Post Biggest One-Day Drop in 2013

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Stocks tumbled in trading on Monday, posting their biggest one-day drop in 2013, as some weak U.S. and Chinese economic data weighed down sentiment. The disappointing GDP data from China also sparked a huge sell-off in commodities.

The Dow Jones ended the day 1.79% lower at 14,599.20, the S&P 500 ended the day 2.30% lower at 1,552.36, and the Nasdaq ended the day 2.38% lower at 3,216.49.

All sectors in the S&P 500 tumbled on Monday. Basic Materials sector was the worst performer, ending the day 4.77% lower. Industrials ended the day 3.66% lower, while Energy sector ended the day 3.64% lower. Financials fell 2.42%.

Among the major losers on Monday were Halcon Resources Corp. (NYSE: HK), which ended the day 15.86% lower at $6.42, New Gold Inc. (AMEX: NGD), which ended the day 15.10% lower at $6.58, Walter Energy Inc. (NYSE: WLT), which ended the day 14.56% lower at $20.60, Sprint Nextel Corporation (NYSE: S), which ended the day 13.50% higher at $7.06, and Citigroup Inc. (NYSE: C), which ended the day 0.20% higher at $44.87.

On the economic front, a report released on Monday showed that manufacturing activity in New York slowed more than forecast in April. Meanwhile, homebuilder slipped for a third month in a row in April, according to the National Association of Home Builders.

European markets also slipped on Monday, with the FTSE 100 Index in London closing 0.64% lower, and the CAC 40 Index in Paris closing 0.50% lower. Asian markets also ended mostly lower overnight, with the Nikkei 225 Index in Japan closing 1.55% lower, and the Hang Seng Index in Hong Kong closing 1.43% lower.

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edliston
Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.

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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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