US Stocks Tumble On China Data, Mediocre Earnings

[Purveyor]

NEW YORK: US stocks sank Thursday following a weak report on Chinese manufacturing activity and the latest batch of lacklustre corporate earnings.

The Dow Jones Industrial Average slumped 175.99 (1.07 per cent) to 16,197.35.

The broad-based S&P 500 fell 16.40 (0.89 per cent) to 1,828.46, while the tech-rich Nasdaq Composite Index fell 24.13 (0.57 per cent) to 4,218.87.

HSBC's China manufacturing sector purchasing managers index fell to 49.6, below the 50 line between growth and contraction, raising concerns about the prospects for the world's second-largest economy.

The China data came amid a mixed batch of corporate earnings reports with strong earnings from Netflix offset by disappointing results from Lockheed Martin and others.

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