U.S. stocks traded sharply lower
Friday after a slew of disappointing U.S. data, a fresh plunge in oil
to below $30 a barrel and a sell-off in Chinese stocks that added to
mounting concerns about slowing global growth.
The Dow Jones
industrial average briefly fell more than 400 points in morning trade to
dip below the psychologically key 16,000 level.
Financials led decliners in the S&P 500 as the major averages held about 2 percent lower.
"Obviously
it started with growth concerns overseas and now we're (hitting)
ourselves with the same growth concerns as retail sales were weak and
Empire manufacturing that collapsed," said Peter Boockvar, chief market
analyst at The Lindsey Group.
U.S.
crude oil traded about 5 percent lower ahead of the U.S. market open,
below $30 a barrel to hit its lowest in more than 12 years. Brent crude
was also sharply lower below $30 a barrel on concerns about more
oversupply from possible lifting of international sanctions within days
that could increase Iranian oil exports.
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