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Wall Street falls on China concerns, oil spill




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By Sruthi Shankar

(Reuters) – US stocks fell Friday, with shares of technology, energy and industrial companies that bear the use of a selloff, such as weak Chinese data and slow down oil prices raised concerns about global growth.

As investors fell growth stocks, the S & P Technology Index <.splrct> fell 1.6 percent, loss in Apple Inc. (NASDAQ: AAPL) and chip maker Skyworks Solutions Inc. (NASDAQ: SWKS), which fell 8.8 percent after weak forecast.

The S & P Energy Index <.spsy> occurred 1.8 percent as US commodity prices

> entered the "bear market" territory and fell more than 20 percent since the beginning of October and under $ 60 a barrel.

Oil Magazines Exxon Mobil Corp. (NYSE: XOM) and Chevron Corp. (NYSE: CVX) fell more than 1 percent, while a decline in copper prices, considered an economic bellwether, led to a 4.4 "Many investors are looking at oil prices as the general indicator of the global economy, so that's not a good sign," said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.

In a bitter trade dispute between Washington and Beijing, Chinese data showed that the producer's inflation fell for the fourth straight month in October on the cooling of domestic demand and production activity.

The China report sent global shares to a tailspin, with trade-sensitive stocks like Boeing Co (NYSE: BA) and Caterpillar Inc (NYSE: CAT), pushing 1 percent and 3.3 percent.

"Concerns about trade war and how the slowdown in China will affect the rest of the world, average stocks a ppear to be more risky, so it's a typical risk-off move in markets today," said DZ Bank strategist strategist Pascal Segesser.

While the Fed policies, as expected, left rates unchanged Thursday after a two-day meeting, their political statement signaled several interest rate hikes ahead, with the fourth increase this year expected in December.

Data on Friday showed that US producer prices rose more than expected in October and at their fastest pace in six years, driven by a jump in energy and trading costs.

The prices paid by manufacturers rose 0.6 percent, while analysts asked by Reuters had expected producer prices to rise 0.2 percent from September.

9:57 AM ED Dow Jones Industrial Average <.dji> was down 151.20 points or 0.58 percent at 26,040.02, S & P 500 <.spx> was down 20.80 points or 0.74 percent at 2 786.03 and Nasdaq Composite <.ixic> were down 82.86 points or 1.10 percent at 7.448.02.

Nine of the 11 major S & P sectors were lower, with small gains seen in the defensive real estate indices <.splrcr> and consumer founder <.splrcs>. General Electric (NYSE: GE) dropped 4.8 percent after JP Morgan cut its target of $ 6 from $ 10.

Activision Blizzard Inc. (NASDAQ: ATVI) died 13.8 percent after video game publisher forecast fourth quarter earnings under analysts estimates.

Walt Disney Co (NYSE: DIS), a member of Dow Jones Industrial Average, increased by 3 percent after the media company reported better than expected as its theme parks and Marvel film "Ant-Man and the Wasp" attracted the audience.

Declining issues beyond promoters for a 2.51-to-1 ratio on NYSE and for a 2.50-to-1 ratio on Nasdaq.

(Reporting of Sruthi Shankar in Bengaluru, Further Reporting of Saikat Chatterjee in London; Editing Arun Koyyur)

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