Markets Right Now: Concerns about China’s economy hit stocks
NEW YORK (AP) — The latest on developments in financial markets (all times local):
U.S. stocks are following global market indexes lower after some weak economic reports from China.
Retail sales and industrial production in China both slowed in November.
Technology and internet companies slumped in early trading on Wall Street Friday. Cisco Systems lost 2.5 percent and Facebook fell 1.5 percent.
Software maker Adobe lost 4.7 percent after its fourth-quarter profit fell short of Wall Street’s estimates, and Starbucks fell 3.9 percent after issuing a disappointing growth forecast.
The S&P 500 index fell 26 points, or 1 percent, to 2,624.
The Dow Jones Industrial Average shed 249 points, or 1 percent, to 24,347. The Nasdaq composite skidded 87 points, or 1.2 percent, to 6,982.