Stocks open lower on slowing growth in China

PALLAVI GOGOI AP Business Writer Published:

NEW YORK (AP) -- Stocks are opening lower on more signs that China's economy is weakening and Europe is slowing.

The disconcerting news from overseas overshadowed another encouraging jobs report from the U.S. Labor Department.

The Dow Jones industrial average fell 69 points at 13,057 shortly after the opening bell Thursday. The Standard & Poor's 500 index fell 9 points to 1,393 and the Nasdaq composite fell 19 points to 3.056.

China has recently released a string of worrisome reports, the latest on Thursday, signaling that its manufacturing sector is contracting. In Europe one report indicated that both services and manufacturing was slowing.

In the U.S., the number of people seeking unemployment benefits fell 5,000 to a four-year low last week, bolstering the view that the job market is strengthening.