S&P 500 declines over negative economic data from China

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Source: Dukascopy Bank SA
American shares declined on Monday as Chinese economy advanced at a slower rate than predicted. The S&P 500 Index fell 2.3% to 1,552.36 points, the biggest decrease since November. Sprint Nextel Corp, a telecommunications company, surged 13.5% to $7.06 on news that Dish Networks, a satellite television operator, offered a $25.5 billion bid to buy the company. Furthermore, Life Technologies Corp jumped 7.5% to $73.11, as the company will be sold to Thermo Fisher Scientific Inc for $13.6 billion. Nextflix Inc followed with a 1.9% jump to trade at $176.50. Meanwhile, Freeport-McMoRan Copper & Gold Inc plunged 8.3% to $29.27, pushing the basic materials sector into the red zone. Cliffs Natural Resources Inc followed with an 8.3% slump to close at $17.61. The mining company lost 46% of its value this year. Fluor Corp, a construction company, closed the top-three with an 8.2% retreat to finish at $55.30.
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Tue, 16 Apr 2013 12:35:03 GMT

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