US stocks drop on weak Japan data

Written By Unknown on Senin, 12 Agustus 2013 | 23.23

US stocks have opened lower on the heels of disappointing economic data out of Japan.

Five minutes into trade on Monday, the Dow Jones Industrial Average dropped 40.47 (0.26 per cent) to 15,385.04.

The broad-based S&P 500 dipped 6.67 (0.39 per cent) to 1,684.75, while the tech-rich Nasdaq Composite Index gave up 12.86 (0.35 per cent) at 3,647.25.

Earlier on Monday, Japan said growth in the second-quarter came in at a 2.6 per cent annual pace, down from 3.8 per cent in the first quarter.

The Japan news disappointed investors, who have seen the world's third-biggest economy as a strong growth story in 2013 following aggressive stimulus moves.

Monday's losses followed declines in US equities last week as investors cited the need for equity markets to consolidate after recent valuation gains.


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