Markets Right Now: S&P 500 sinks to lowest level since April

FILE- In this Nov. 29, 2018, file photo trader Timothy Nick works on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EST on Friday, Dec. 14. (AP Photo/Richard Drew, File)

NEW YORK — The latest on developments in financial markets (all times local):

4 p.m.

Stocks ended the week with a steep loss on Wall Street as the S&P 500 dropped to its lowest level since April.

The benchmark index is now down almost 3 percent for the year.

New concerns about slowing growth in China as well as growing disarray surrounding plans for Britain to exit the European Union put investors in a mood to sell Friday.

Johnson & Johnson plunged 10 percent after Reuters reported that the company has known since the 1970s that its talc baby powder sometimes contained asbestos, a charge the company denies.

The S&P 500 index fell 50 points, or 1.9 percent, to 2,599.

The Dow Jones Industrial Average lost 496 points, or 2 percent, to 24,100.

The Nasdaq composite skidded 159 points, or 2.3 percent, to 6,910.

___

2:42 p.m.

Stocks are falling sharply on Wall Street on new concerns about slowing growth in China's economic engine and disarray surrounding plans for Britain to exit the European Union.

Johnson & Johnson plunged 10 percent in heavy trading Friday after Reuters reported that the company has known since the 1970s that its talc sometimes contained asbestos, a charge the company denies.

The losses pushed the S&P 500 and the Dow Jones Industrial Average further into the red for the year.

The S&P 500 index fell 53 points, or 2 percent, to 2,579. It's on track for its lowest close since April.

The Dow shed 543 points, or 2.2 percent, to 24,145. The Nasdaq composite skidded 149 points, or 2.1 percent, to 6,921.

___

11:45 a.m.

Stocks are slumping on Wall Street again on new concerns about China's economy and as Johnson & Johnson plunges.

Weak economic data from China Friday renewed worries that a powerful engine for global growth was slowing down. Industrial output and retail sales slowed in November.

Johnson & Johnson plunged 10.4 percent after Reuters reported that the company has known since the 1970s that its talc baby powder sometimes contained asbestos. The stock was on pace for its biggest drop since 2002.

Technology companies fell. Software maker Adobe fell 6.2 percent after issuing a weak earnings forecast.

The S&P 500 fell 41 points, or 1.6 percent, to 2,609.

The Dow Jones Industrial Average shed 449 points, or 1.8 percent, to 24,145. The Nasdaq skidded 101 points, or 1.4 percent, to 6,968.

___

9:35 a.m.

U.S. stocks are following global market indexes lower after some weak economic reports from China.

Retail sales and industrial production in China both slowed in November.

Technology and internet companies slumped in early trading on Wall Street Friday. Cisco Systems lost 2.5 percent and Facebook fell 1.5 percent.

Software maker Adobe lost 4.7 percent after its fourth-quarter profit fell short of Wall Street's estimates, and Starbucks fell 3.9 percent after issuing a disappointing growth forecast.

The S&P 500 index fell 26 points, or 1 percent, to 2,624.

The Dow Jones Industrial Average shed 249 points, or 1 percent, to 24,347. The Nasdaq composite skidded 87 points, or 1.2 percent, to 6,982.

You may also interested in

Officials: Zika won't hurt South Florida tourism in long run

Aug 20, 2016

The discovery of Zika-carrying mosquitoes in South Florida certainly isn't ideal for tourism, but local officials and business leaders are confident the long-term impact on the tourism industry will be minor

AP NewsBreak: Feds want to ban swimming with Hawaii dolphins

Aug 24, 2016

Federal regulators are proposing a ban on swimming with dolphins in Hawaii

US wants to force lower speeds on truck and bus drivers

Aug 26, 2016

The U.S. wants to forcibly limit how fast trucks, buses and other large vehicles can drive on the nation's highways

People also read these

Zika researchers seeking volunteers willing to be infected

Aug 19, 2016

Researchers looking for volunteers willing to be infected with the Zika virus as part of effort to develop vaccines

Beer mega merger: what court ruling means for troubled deal

Aug 23, 2016

A British court has recommended that two classes of shareholders be created and vote separately on AB InBev's 79 billion pound ($104 billion) takeover of SABMiller

AP NewsBreak: Feds want to ban swimming with Hawaii dolphins

Aug 24, 2016

Federal regulators are proposing a ban on swimming with dolphins in Hawaii

Emporium Post fulfils the need to know all things about consumers and how businesses can take this opportunity to reach their own customers.

Contact us: sales@emporiumpost.com

Join our mailing list now!