October 13, 2016 | Category: Money and Credit
| Author: CNBC
U.S. stocks traded sharply lower on Thursday as weak data out of China coupled with a possible Federal Reserve rate hike weighed on investor sentiment.
The Dow Jones industrial average dropped more than 150 points before holding about 140 points lower, with Goldman Sachs (GS) contributing the most losses. The index briefly broke below the 18,000 mark and hit its lowest level since July 7. The S&P 500 fell 0.7 percent after sliding more than 1 percent earlier in the session, with financials shedding more than 1.5 percent to lead decliners. The Nasdaq composite underperformed, falling 0.8 percent.
China exports tumbled 10 percent last month in dollar terms, while imports fell 1.9 percent. Asian equity markets closed mixed overnight, with mainland China's Shanghai composite ending flat and Honk Kong's Hang Seng index falling...