Stocks stumble on global slowdown concerns

Worries about Germany, Greece and Spain weigh on markets. S&P downgrades its outlook for the Asia-Pacific economy. Apple sells 5 million iPhone 5s over the weekend. Barron's says Facebook is worth $15 a share.

By Melly Alazraki Sep 24, 2012 9:17AM
stock marketUpdated 12:27 p.m. ET

Stocks fell Monday as global economic growth concerns again took center stage. Worries over a slowdown as well as the strengthening dollar pushed commodities and oil lower, further weighing on markets.

The Dow Jones Industrial Average ($INDU) was down 24 points at 13,556. The S&P 500 ($INX) was down 5 points at 1,455. The Nasdaq Composite ($COMPX) was down 23 points at 3,157.

With no major economic reports due out Monday, stocks may be in for another choppy session as traders look to extend last week's decline.

Asia Pacific economic outlook downgraded
Asian stock markets finished Monday's session mostly lower after Standard & Poor's downgraded its 2012 economic outlook for the Asia-Pacific region, citing the slowdown in China, the eurozone troubles and a weaker economic recovery in the U.S.


Meanwhile, as the land dispute between China and Japan over a group of islands persisted, a Bank of China adviser warned the slowdown in China's economic growth would persist into 2013.


Germany, Greece, Spain in focus

In Europe, stocks were decidedly lower as concerns over Greece and Spain intensified. Spain remains in focus this week, with the results of bank stress tests due Monday.


A German magazine reported that the country must close a budget gap of 20 billion euros, almost double the previous estimates, to satisfy conditions for emergency aid. Greece, however, denied such reports. Reports also indicated that France and Germany disagree on when to implement a eurozone banking union.


Adding to concerns were figures out of Germany showing that German business confidence dipped for a fifth month in September.

The dollar rallied against major currencies, especially the euro, as worries over Greece and Spain reignited fears about the currency. Gold tumbled in the wake of a stronger dollar and as other commodities declined. Oil, too, fell below $92 a barrel on the stronger dollar and global growth concerns that could dent demand.

Stocks to watch
Facebook (FB) shares slumped after Barron's said the stock is a bad investment and suggested the shares are worth $15.

Apple (AAPL) shares fell after the company said it sold more than 5 million iPhone 5 smartphones in the three days since the device's retail launch Friday. Apple said it sold out its initial supply of iPhone 5s. While the sales figure is better than the iPhone 4S, it is below some estimates.

Meanwhile, Apple supplier Foxconn Technology Group ordered one of its China factories shut Monday after a dormitory fight turned into a violent riot.

Lennar (LEN) shares rose after the homebuilder reported stronger-than-expected fiscal-third-quarter earnings. The average sale price of homes delivered in the quarter rose 4.4%.

Tivo (TIVO) and Verizon Communications (VZ) have settled pending litigation and reached a patent-licensing agreement. Verizon will pay Tivo at least $250.4 million in compensation, the company said. Tivo shares jumped after the news.

Questcor Pharmaceuticals (QCOR) warned the U.S. government it is investigating its promotional practices.
201Comments
Sep 24, 2012 9:55AM
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Last thing any of us need to be at this time is complacent.  I am suspecting the feds may now own up to 40% of this market.  Very very very scary.  The last thing any of us also needs to be is naive about what this could mean.  If Obama is relected and decides to favor the rest of the world; which  to me he is obviously doing,  and even the playing field and sells off the 40% I can only imagine the financial carnage.  No place to run and no place to hide. Laugh if you want but like the guy said he wants to lower the playing field to give the little guy a chance. Just can't believe how dumb America has become! If you have a home, a retirement, money to invest in the market you have a target on your back.  Every one with an ounce of brains needs to realize the kid in Indonesia making $20 a year is who Obama is working for.  The liberal leaders throughout the world are aware of what they have asked him to do. and he is obliging them.  This is the New World Order.
Sep 24, 2012 10:33AM
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so sick of the false media and Obama!  Who in the world said that our Libya ambassador had to sacrifice his life!!!! What a terrible waste of humanity!!! All the while Obama was campaigning!!! BAD!!!!!
Sep 24, 2012 10:34AM
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Yep......I am even more convinced..........Obama in bed with Wall Street!!!!!
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Yep the investment real estate guys are out there buying up houses left and right hoping to double their money when they resell the units later this year. Only they are merely selling them to each other creating an asset bubble fueled by Bernanke.

 

The stock market should be up 5 percent folks. It's free money on the table Bernanke has said he is opening up the printing presses full blast and has gone back to idea that the only thing better than printing $40 billion dollars of fake monies a day is printing $80 billion dollars of fake monies a day.

 

Of course the Wall Street bankers are going to steal this money before it hits main street's pockets but hey the super rich will become uber rich

 

The stock market is crazy to be headed down with this much monies on the table.

Sep 24, 2012 10:29AM
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LOL..........keeping the market sane until after the election and the focus OFF of international affairs.................Dont be fooled........the market will plumet if Obama gets re-elected!!!!!
Sep 24, 2012 10:49AM
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Ladies and Gentleman, The President of the United States:

 

From Audacity of Hope:


"I will stand with the Muslims should the political winds shift in an
ugly direction."

Sep 24, 2012 11:59AM
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Shame on you people..what ever happened to Religious Freedom???  Do you not have anything better to do than to nit pick a man's religion.  What possible business could that be of yours??  And, no, I am not Mormon, but I am Christian and this nonsense turns my stomach.
Sep 24, 2012 10:42AM
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 lol article should have read........."stockes stumble over bad economy and NO JOBS" !!!!!
Sep 24, 2012 9:37AM
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With Asia down an average of a half a percent, and Europe about three quarters of one....

 

Really hardly expect much upside here today....Dollar up, Gold/Silver down, and oil on a slide...

Wonder if gas/petrol will drop much this week or will we still be bending over...??

 

Ahhh, the week and day are young....But not I.

Sep 24, 2012 10:42AM
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I think what is going on in the market is that it is like the White House.  It is floundering around because of lack of leadership and manipulated numbers.  I am sure that most numbers are whatever will help Oblama.  Now if it is like Clinton and Obama saying he created 4.6 mil jobs.  How did he do that.  Assoc Press said he lied and created 416,000 jobs.  U.S. credit status has been downgraded, and no action in a Act of War.  I think the Dems need to look around and see that once the election is over, the 47% on govt subsidy will drop dramatically.  Oblama will have gotten there votes.  Kind of like Hitler, he promised the world, then pulled the rug.  When have you seen a President fire a CEO of GM before? The head of Obama's campaign committee was CEO of Fannie Mae and took a $240 mil retirement bonus.  Taxpayer money.  Stimulus was a payback.  I get sick when the name Oblama the mouth comes up.
Sep 24, 2012 11:52AM
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VL

 

You guys can't give it up.  You state you bet all of Mitt Romney's donations are to 501c 3's.  This is how everyone is able to deduct money given as a donation/charity.  If the donation goes to a non 501c3 it is not deductible. 

 

Maybe you need to educate yourself about the tax code.

Sep 24, 2012 11:11AM
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China needs to get the whip out and beat the children making the I Phone and get 5 million more made and distributed so the market can have another 1 day rally.  Can you hear me?

 

The Fed with QE3 is the new mortgage conduit.  Poor Fannie & Freddie can't compete with Bernanke and company.  Where are Barney Frank and Chris Dodd when we need them?

 

Romney is still being demonized after revealing he paid $1.9 plus million in income tax and gave charity donations of almost $4 million in his 2011 federal tax return.  Harry Reid needs to retract his statement and apoligize for saying Romney paid NO TAXES for 10 years. 

 

Beautiful fall weather in East Tennessee.  Colors are changing in the Smoky Mountains and the air is cool and crisp.  Hope everyone has a wonderful day.  Do something positve for someone who is down and out.  It will help your perspective on life.

Sep 24, 2012 9:54AM
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Oil fell - hopefully we'll see that at the pump too.
Sep 24, 2012 10:49AM
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Obama's Social Security Number Tied To An Alias Harrison J Bounel . He is an imposter. Listen to the radio interview on youtube and judge for yourself.
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Coil of Rage ~

When you've read to the end, come back and read this first paragraph again.

A Coil of Rage

The character of any man is defined by how he treats his mother as the
years pass...
need I say more about this person below other than there is no
character, no integrity but there is a ton of attitude and arrogance
that defines his shallow past and hollow future...
I rest my case.

I bought and read Obama's book, Audacity of Hope. It was difficult to
read considering his attitude toward us and everything American. Let
me add a phrase he used to describe his attitude toward whites. He
harbors a "COIL OF RAGE". His words not mine.

THIS IS OUR PRESIDENT -- HE'S RUNNING AGAIN, YOU KNOW! Is anyone out
there awake?

Everyone of voting age should read these two books by him: Don't buy
them, just get them from the library.

From Dreams From My Father:
"I ceased to advertise my mother's race at the age of 12 or 13, when I
began to suspect that by doing so I was ingratiating myself to
whites."

From Dreams From My Father:
"I found a solace in nursing a pervasive sense of grievance and
animosity against my mother's race."

From Dreams From My Father:
"There was something about her that made me wary, a little too sure of
herself, maybe and white."

From Dreams From My Father:
"It remained necessary to prove which side you were on, to show your
loyalty to the black masses, to strike out and name names."

From Dreams From My Father:
"I never emulate white men and brown men whose fates didn't speak to
my own. It was into my father's image, the black man, son of Africa,
that I'd packed all the attributes I sought in myself: the attributes
of Martin and Malcolm, DuBois and Mandela."

And FINALLY...........an​​d most scary:

From Audacity of Hope:
"I will stand with the Muslims should the political winds shift in an
ugly direction."
Sep 24, 2012 10:25AM
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Obama's secret dealings will be investigated when the Senate is under Republican control. Romney was never a member of the third party or used drugs like our current Presdient. 

 

He has a great grin, and talks well but those might be the last two qualifications a person should look for .  Romney would not adjust his taxes, he gave over 4 million to charity.  You must be a Democrat your tax math is lousy  , the corporate rate is 15% and 2 million more in charities claimed would not drop it to 9%.  If you are going to shoot your mouth off speak with some intelligence.

 

If you want to judge character look at the auto bailout and who made out and the backdoor deals done by this Presdient on healthcare.  Nebraska Senate race is example of what happes when people wake up to sleeze.

Sep 24, 2012 12:08PM
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Watch em pump and dump one more time before the election.....LOL!!! What a joke!!!! Gotta keep it up for looks sake, for Obuma!!!!!
Sep 24, 2012 10:22AM
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MADE IN CHINA     Will be the EPITAPH on our TOMBSTONES !   GOD BLESS AMERICA    LAND OF THE FREE   HOME OF THE BRAVE !
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Apple having to resort to brute force to get it's slave labor to assemble iphones

 

yep Apple is a really good employer. They kill their workers with harsh chemicals and beat the ones that survive to work for 1 penny a day.

 

we should all look up to Apple and the way they run their plants.

 

Apple is going to start beating it's American workers soon.

 

QUOTE

TAIPEI (Reuters) - Taiwan's Foxconn Technology Group, which assembles Apple's iPhones and makes components for top global electronics companies, closed a plant in China on Monday after about 2,000 workers were involved in a brawl at a company dormitory.

It was not clear how long the shutdown would last at the plant, which employs about 79,000 people in the northern Chinese city of Taiyuan, while police and company officials investigate the cause of the disturbance.

Foxconn said the trouble started with a personal row that blew up into a brawl. But some people posting messages on a Twitter-like site said factory guards had beaten workers and that sparked the melee.

END QUOTE

Sep 24, 2012 10:18AM
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"Foxconn said the trouble started with a personal row that blew up into a brawl. But some people posting messages on a Twitter-like site said factory guards had beaten workers and that sparked the melee."

 

No telling what kind of crap you are getting when you buy from Apple. I'm sure these slave labor people could not care less about your satisfaction. There is a worm in that apple.

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