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Dow tumbles Monday

NEW YORK, Feb. 25 (UPI) — U.S. stock indexes losses accelerated Monday, after starting with gains that evaporated by midday.

Analysts have said markets are due for a correction, defined as a 10 percent drop after a sustained run up. Markets dropped sharply Wednesday and Thursday last week, although the regained some lost territory on Friday.

On Monday, the Dallas Federal Reserve said manufacturing in Texas remained in growth mode in February, but at a slower pace than January. In China, the HSBC Purchasing Manager’s Index also showed growth that was marginal, not robust.

By close of trading, the Dow Jones industrial average shed 216.40 points or 1.55 percent to 13,784.17. The Standard and Poor’s 500 lost 27.75 points or 1.83 percent to 1,487.85 points. The Nasdaq composite gave up 45.57 points or 1.44 percent to 3,116.25.

On the New York Stock Exchange, 675 stocks advanced and 2,414 declined on a volume of 3.9 billion shares traded.

The 10-year U.S. treasury rose 29/32 Monday to yield 1.867 percent.

Against the dollar the euro fell to $1.3079 from Friday’s $1.3217. Against the yen, the dollar was lower at 93.12 yen from 94.55 yen.

In Tokyo, the Nikkei 225 closed at 11,662.52 points, up 276.58 points or 2.43 percent.

In London, the FTSE 100 index added 0.31 percent, 19.67 points, to 6,355.37.

Copyright 2013 United Press International, Inc. (UPI).

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