US STOCKS-Wall St sells off on global slowdown concern; Disney slumps

jueves 20 de agosto de 2015 15:48 GYT
 

* Bernstein downgrade hits Disney, media stocks tumble

* Report of declining smartphone sales in China hits Apple

* Indexes down: Dow 1.5 pct, S&P 1.5 pct, Nasdaq 2.2 pct (Updates prices, changes comment, byline)

By Rodrigo Campos

Aug 20 (Reuters) - The S&P 500 hit a five month low on Thursday on concern a deceleration in the Chinese economy would translate into slower global growth.

Consumer stocks led the decline on Wall Street with Disney down nearly 6 percent after a brokerage downgrade, while Apple slumped near 2 percent after a report that overall smartphone sales in China fell in the second quarter for the first time.

"The largest issue is certainly the fact that we don't know how much the Chinese economy is slowing," said Art Hogan, chief market strategist at Wunderlich Securities in New York.

"That's manifesting itself in lower oil prices," he said, pointing to the correlation between stocks and crude futures.

U.S. crude edged higher after earlier hitting its lowest since March 2009, while Brent dropped 1.5 percent to hit its lowest since January.   Continuación...