This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Dow Tumbles More Than 200 Points as Traders Gripped by Global Fears

NEW YORK (TheStreet) -- Stocks tumbled on Thursday the most in a month as fears about China's slowing economy and the crisis in Ukraine gripped investors, and outweighed an increase in retail sales. 

  • The Dow Jones Industrial Average plummeted 230 points, or 1.4%, to 16,110.08, while the S&P 500 dropped 1.2% to 1,846.35. The Nasdaq slumped 1.5% to 4,260.42.
  • U.S. February retail sales increased 0.3% vs. expectations of a 0.2% rise. Initial jobless claims in the week ended March 8 fell 9,000 to 315,000 vs. expectations of a rise to 330,000. The four-week moving average also fell, down 6,250 to 330,500.
  • Goldman Sachs cut its first-quarter GDP estimate for the U.S. by two-tenths to 1.5%. "Although February retail sales rose a bit more than expected, negative back revisions more than offset the front-month surprise," Chief Economist Jan Hatzius said in a note.
  • International markets were mostly lower. The DAX in Germany was off 1.86%, the FTSE in London was down 1.01%, the Hong Kong Hang Seng fell 0.67%, the Nikkei 225 in Japan closed lower by 0.1% and the Shanghai Composite finished up 1.07%.
  • The stream of lackluster Chinese data continued. Figures overnight showed Chinese industrial output in January-February rose 8.6% from a year earlier but was down from 9.7% in December. Retail sales for the same period were also higher, but failed to meet expectations.
  • In Ukraine, lawmakers have voted unanimously to create a National Guard of 60,000 or more volunteers amid their worries that Russian troops have amassed themselves near the border between the two countries, and ahead of a Sunday referendum in Crimea on whether citizens want to join Russia. Pro-Russian forces are currently in control of Crimea.
  • Amazon (AMZN - Get Report) tacked on 0.23% after the retail giant said that it was hiking the price of its Prime service for existing regular members to $99 from $79.
  • Plug Power (PLUG) surged 17.8% Thursday after the maker of fuel cells reported a narrowing of adjusted fourth-quarter loss to an in-line 8 cents a share on stronger-than-expected revenue of $8 million. Analysts, on average, were expecting revenue of $7.45 million. Sales orders for 2014 have already exceeded $60 million, the company said. Williams-Sonoma (WSM) gained 9.8% after it forecast same-store sales growth of 5% to 7% this year, beating expectations.
  • Krispy Kreme (KKD) was up 1.2% after it forecast adjusted earnings per share of 73 cents to 79 cents in fiscal 2015.
  • General Electric (GE) decreased 1.6% after announcing that it has filed a registration statement with the Securities and Exchange Commission for the IPO of its North American Retail Finance business.
  • JetBlue Airways (JBLU) added 0.69% after revealing that it has agreed to sell its wholly- owned subsidiary LiveTV to Thales Group for $400 million.

-- By Jane Searle and Andrea Tse in New York

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AMZN $507.08 0.00%
AAPL $93.99 0.00%
FB $102.01 0.00%
GOOG $682.40 0.00%
TSLA $151.04 0.00%


Chart of I:DJI
DOW 15,973.84 +313.66 2.00%
S&P 500 1,864.78 +35.70 1.95%
NASDAQ 4,337.5120 +70.6750 1.66%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs