There is really no need to be worried much with China lowering its economic growth target for this year, because it was first and foremost, a reaction to the changes in the economic situation in and beyond China, and that the Central Government had come to terms with the fact of a midterm slowdown. Secondly, the announcement serves to refocus the provincial governments’ efforts to economic restructuring, change their growth strategies and quality for a growth that is of a longer term, higher level and quality.
Signs that China's economy is weakening and Europe is slowing hurt U.S. stock prices march 22 2012.
Oil prices dropped 2.4 percent to their lowest level in a week after the reports of a possible global slowdown. That hurt oil stocks: Alpha Natural Resources, Consol Energy, Cabot Oil & Gas Corp. and Halliburton were all down 4 percent.
The disconcerting news from overseas Thursday overshadowed reports showing the U.S. economy is gaining momentum.
The Dow Jones industrial average fell 78.48 points, or 0.6 percent, to 13,046.14. The Standard & Poor's 500 index fell 10.11, or 0.7 percent, to 1,392.78, while the Nasdaq composite fell 12 points, or 0.4 percent, to 3,063.32.
Nine out of 10 sectors fell in the S&P 500, led by energy and materials.
China recently released a string of worrisome reports, the latest on Thursday, signaling its manufacturing sector is contracting. A manufacturing index compiled by HSBC fell to 48.1 in March from 49.6 in February. Figures below 50 indicate that manufacturing is contracting.
That's a negative sign because growth in China has played a key role in shoring up the global economy. It's also the largest consumer of raw materials, so a slowdown there would affect those companies.
It didn't help that another survey in Europe also showed signs the economy there was slowing. The purchasing managers' index from Markit, a financial information company, fell to a below-forecast 48.8 points in March from 49.3 a month earlier. The index combines both the services and manufacturing sectors.
Those global statistics dwarfed the latest positive news on the U.S. economy: The number of Americans seeking unemployment benefits fell 5,000 to a four-year low last week, bolstering the view that the job market is strengthening.
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