Disappointing data from Asia, led by reports showing a larger-than-expected moderation in China’s economic growth, and lackluster data out of the UK teamed up with the delayed negative reaction to yesterday’s monetary policy announcement from the US Federal Reserve.
The trade deficit widened from a modest favorably revised $42.0 billion in May to $49.9 billion in June, versus the estimate calling for the deficit to come in at $42.1 billion. Exports declined from $152.4 billion in May to $150.5 billion in June, while imports increased to $200.3 billion from $194.4 billion.
The Dow Jones Industrial Average fell 265 points (2.5%) to 10,379, the S&P 500 Index was 32 points (2.8%) lower at 1,089, and the Nasdaq Composite plunged 69 points (3.0%) to 2,209. Crude oil fell $2.65 to $77.60 per barrel, while the Bloomberg gold spot price declined $4.30 to $1,199.95 per ounce.
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