China and Home Sales Drag Markets Lower

U.S. markets were under pressure Monday, following comments by China’s Financial Minister that eroded hopes for additional stimulus, heightening growth concerns.  An unexpected drop in U.S. existing home sales in August added to the economic uncertainty, pushing the markets into steep declines.

Market Radar - % Change

The last session for the October contract, crude oil settled almost 1% lower at $91.52, losing $0.89 per barrel.  Gold was one of day’s few winners, scratching out a 0.11% gain to settle at $1,217.90 per ounce, a gain of $1.30.

All of the major indexes saw declines, with the Dow Industrials experiencing its largest loss since August 5, closing at 17,172.68, down 107.06 or 0.62%.  The S&P 500 slumped 0.80%, shedding 16.11 points to close at 1,994.29, also the largest loss since early August.

The NASDAQ Composite slid 1.14% to close at 4,527.69, down 52.10 points.  The NASDAQ 100 followed closely, losing 0.95% to close 38.86 points lower at 4,061.23.

The small cap Russell 2000 was hit the hardest, losing 1.53%, down 17.56 points to close at 1,129.36; while the Fox 50 dipped 8.35 points, down 0.58%, to close at 1,419.27.