REFILE-US STOCKS-Wall St down 1 percent on global growth concerns
(Fixes typographical error in paragraph 3)
By Ryan Vlastelica
NEW YORK Oct 9 (Reuters) - U.S. stocks fell more than 1 percent on Thursday, erasing the previous session's sharp rally as concerns grew over the pace of economic growth.
German exports slumped by 5.8 percent in August, the biggest drop since January 2009, following data earlier this week that showed industrial orders and output suffered their steepest drops in more than five years.
"Weakness continues to pervade European economies, and that's leading to some nervousness with how earnings will play out," said Bill Lynch, director of investments at Hinsdale Associates, in Hinsdale, Illinois.
Energy shares were by far the weakest on the day, dropping 3.6 percent in their biggest one-day decline since April 2013. Chevron Corp fell 2.9 percent to $114.60 while Exxon Mobil lost 2.8 percent to $91.97. Crude oil lost 1.8 percent to $85.72 per barrel.
The day's losses were broad, however, with all ten primary S&P 500 sectors down on the day, though the losses were outsized in cyclical groups tied to the pace of economic growth.
Material shares fell 2.1 percent while industrial shares lost 1.9 percent. Among specific names, U.S. Steel Corp fell 7.2 percent to $33.95 while Caterpillar Inc sank 3.1 percent to $93.67.
Adding to the market's worries, St. Louis Federal Reserve Bank President James Bullard said he was concerned about the disconnect between when the stock market expects the U.S. central bank to begin raising rates, and when the Fed itself does. Continuación...