Dow retreats amid Chinese economic slow-down

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Source: Dukascopy Bank SA
U.S. blue chips plunged on Monday amid weak national and China's data. The National Bureau of Statistics in China announced a 7.7% GDP advance, less than 8% expected. The Dow Jones Index retreated 1.8% to 14,599.20 points. All the companies included in the gauge posted losses with Caterpillar Inc declining 3.3% to $82.27 as decelerating growth in China raised concerns over demand from large consumer of Caterpillar producers. Chevron Corp and Exxon Mobil Corp followed with 2.8% declines to close at $116.57 and $86.49, respectively. U.S. Chemical Safety board asked Chevron Corp to check the risk on damage to pipes at its six refineries in the U.S. In addition, the CEO of Exxon Mobil Corp got $6 million more compensation for 2012 to $40.26 million, up from $34.92 million in 2011. Furthermore, General Electric Co lost 2.8% to $22.81. The company has recently announced that 950 jobs will be cut in Pennsylvania. The Walt Disney Co followed with a 2.7% decrease to finish at $58.88.
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Tue, 16 Apr 2013 12:24:04 GMT

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