Wall Street's main indexes fell on Monday as economic growth in China slowed, while a relentless surge in oil prices fueled concerns about elevated inflation.
Data showed China's economy hit its slowest pace of growth in a year in the third quarter, hurt by power shortages and wobbles in the property sector.
"There is some weak data out of China, which is concerning on a global basis, and then market participants came into this earnings with a very pessimistic view but banks dramatically exceeded expectations," said Thomas Hayes, managing member at Great Hill Capital Llc in New York.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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