Weak economic data drag down Wall Street

Credit: Reuters Studio
Published on February 21, 2019 - Duration: 01:14s

Weak economic data drag down Wall Street

Weak economic reports pressured U.S. stocks on Thursday after the market's recent run of gains, and a drop in healthcare shares added to the bearish momentum.

Fred Katayama reports.

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Weak economic data drag down Wall Street

Weak economic data drove the major U.S. markets lower on Thursday.

The S&P 500 snapped its three-session winning streak.

Capital goods orders unexpectedly fell in December, and business activity in the Mid-Atlantic fell in February.

Benchmark Investment CEO, Kevin Kelly: SOUNDBITE: BENCHMARK INVESTMENTS CEO, KEVIN KELLY, (ENGLISH) SAYING: "I think we're getting mixed economic data, especially on the leading economic indicators like the durable goods report.

And so, what we're seeing is the change of growth is going down on a lot of these leading economic indicators.

And I think it is because of the trade concerns, the tariff concerns, also, the stronger dollar." Nike shares dropped.

The sportswear maker's sneaker worn by basketball star Zion Williamson split during a game between Duke University and North Carolina.

Tesla shares skidded.

Consumer Reports pulled its recommendation rating on the electric car maker's sedan, the Model 3, citing in its words, "reliability issues:.

Johnson & Johnson shares weighed on the healthcare company said it received subpoenas from U.S. regulators related to litigation involving alleged asbestos contamination in its Baby Powder product line.

European markets closed mixed.

Downbeat reports from Centrica and BAE Systems brought down British shares.

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