Summary Box: Stocks down as China lowers outlook

AP News
Posted: Mar 05, 2012 5:10 PM
Summary Box: Stocks down as China lowers outlook

CHINA DECELERATES: China's premier Wen Jiabao lowered the country's target rate for economic growth to 7.5 percent from 8 percent. That's a negative sign for global growth because China has been a key factor in shoring up the global economy since the financial crisis of 2008.

MATERIALS GO SOUTH: Half of the world's steel is consumed in China. The revised growth outlook sent AK Steel Holding Corp. lower by 6 percent and US Steel by 4.7 percent. Other U.S. materials companies that depend on China for profits like heavy equipment maker Caterpillar also fell 2.1 percent, while aluminum maker Alcoa fell 3.6 percent.

BENCHMARK INDEX: The Dow Jones Industrial Average fell as much as 93 points Monday morning before recouping some of that loss in the afternoon. The Dow closed the day down 14.76 points to 12,962.81.