(MENAFN- ProactiveInvestors) U.S. stocks sank today following a global weakness in equities weighed by renewed Greece concerns and new Chinese trading regulations.
The S&P 500 (INDEXSP:.INX) sank 1.1 percent to 2082 at 3:38 a.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) fell 1.4 percent to 17852 while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) surrendered 1.4 percent to 4933.
Greek Finance Minister Yanis Varoufakis met with IMF officials today as investors became increasingly nervous about the funding crisis in Greece.
Chinese regulators clamped down on the use of shadow financing to buy equities and expanded the supply of shares available for short sellers. The China Securities Regulatory Commission banned the margin trading businesses of brokerages from taking part in umbrella trusts while the Securities Association of China said fund managers can lend shares for short selling.
DATA:
The cost of living in the U.S. excluding food and fuel rose 0.2 percent in March for a third month signalling inflation is starting to firm.
MOVERS:
American Express () slumped 4.4 percent to $77.33 after the payment-card company reported higher-than-expected profit rise in the first quarter but said results were hurt by a stronger dollar.
(NASDAQ:AMD) tumbled 14 percent to $2.46 after the chip maker reported first-quarter loss widened as revenue slumped.
International () skidded 2 percent to $101.86. The maker of flight controls and thermostats posted higher profits and upped its outlook for the year but cut its revenue outlook as it maintains its cautious view of the global economy.
() rose 0.6 percent to $92.39 as the oil-field services company said it would cut 11000 more jobs after posting a 39 percent first-quarter earnings drop.
() rose 6.1 percent to $26.82. The toy maker reported that sales declines slowed in its Barbie and Fisher-Price products and the company posted a smaller-than-estimated quarterly loss.
() slipped 1.6 percent to $196.99. Goldman was lowered to "market perform" from "outperform" at Keefe Bruyette & Woods based on valuation.
COMMODITIES:
June gold added 0.4 percent to settle at $1203.10 an ounce.
May crude finished at $55.74 a barrel down 1.7 percent for the New York Mercantile Exchange session.
OTHER MARKETS:
European stocks dropped sharply today pulling lower along with other global markets with traders attributing the moves to changes in Chinese trading rules.
The Stoxx Europe 600 fell 1.8 percent to 403.69.
Germany’s DAX 30 logged its worst week since November 2011 with 5.5% decline.
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