Stocks plunge on weak economic news, oil-price swings

(AP) - Weak economic news from China, the U.S. andSpain combined with a slump in oil companies sent stocks sharplylower. The Dow Jones industrial average

NEW YORK - (AP) - Weak economic news from China, the U.S. andSpain combined with a slump in oil companies sent stocks sharplylower. The Dow Jones industrial average had its biggest one-daydrop since August. Investors were jarred Thursday when China reported a surprisetrade deficit. China's exports fell in February as businessesclosed for the weeklong Lunar New Year holiday, but imports ofhigher-priced oil and other goods jumped. Moody's downgraded Spain's debt, re-igniting fears aboutEurope's debt crisis. In the U.S., the government reported that newapplications for unemployment benefits rose more than expected lastweek. The Dow Jones industrial average fell 228 points, or 1.9percent, to close at 11,984. The S&P 500 index fell 24, or 1.9percent, to 1,295. The Nasdaq fell 50, or 1.8 percent, to 2,701.

advertisement | advertise on News 12

Trending Video

Police in Asbury Park calling for cease fire 1 Police in Asbury Park call for cease-fire after shootings
Police worked with the prosecutor's office to conduct 2 Father speaks out against Asbury Park crime
Anti-bear hunt supporters gathered at Andover Municipal Court 3 Bear hunt protester to serve 10-day jail sentence
VIDEO: Man reunited with missing wedding ring 4 VIDEO: Man reunited with missing wedding ring
VIDEO: News conference on arrest in murder of 5 VIDEO: News conference on arrest in murder of Sarah Butler

advertisement | advertise on News 12

Features

It's good to know you have Walt Kane Kane in Your Corner

It's good to know you have Walt Kane in your corner.

News 12 takes a look at the hottest Tech Check

Eric Landskroner has a look at the latest gadgets and biggest stories in tech.

News 12 On the Scene

Check out these exclusive videos from New Jersey celebs!

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE