Daily Recap
After closing at record highs on Friday, the S&P 500 and Dow Jones Industrials were little changed today, despite a big drop in Chinese shares. At the close, the Industrials were down 8 points with the S&P down 0.01% and the Nasdaq up 0.03%. The Transports bore the brunt of the pain, falling nearly a half percent.
Recent (semi-trustworthy) data showed that China's economy grew at a 6.9% rate during the second quarter. While this exceeded expectations, it suggested a possible tightening of financial conditions, which resulted in the Shanghai composite falling 1.4%, while the Shenzhen Composite tumbled 3.5%. It was the largest drop in Chinese shares this year.
While Chinese shares fell hard, the rest of Asia was in the green. As a result, the Asia Dow rose 0.15%. In Europe the story was also about flat prices, where the Stoxx 600 rose 0.01% and the Europe Dow rose 0.04%. Germany ... Log in or subscribe to continue reading.
