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Stocks move lower on discouraging news from Asia

Stocks move lower on discouraging news from Asia


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U.S. stocks are moving lower in midday trading following disappointing economic news from China and Japan.

The Standard & Poor's 500 index fell five points, or 0.3 percent, to 1,872 as of noon Eastern time Monday.

The Dow Jones industrial average lost 76 points, or 0.5 percent, to 16,375. The Nasdaq composite fell 11 points, or 0.3 percent, to 4,324.

Investors were discouraged by an 18 percent slump in Chinese exports last month, the latest sign of trouble for the world's second-largest economy. Japan lowered its estimate for fourth-quarter economic growth.

In the U.S., Chiquita Brands jumped 12 percent after announcing it had agreed to combine with an Irish fruit supply company.

In bond trading, the yield on the 10-year Treasury note held steady at 2.79 percent.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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