By Anora Mahmudova, MarketWatch
NEW YORK (MarketWatch) -- The U.S. stock market retreated Monday
after a surprise drop in Chinese exports in February that raised
fears of a global economic slowdown.
The S&P 500 (SPX) dropped 5.8 points, or 0.3%, to 1,872.38
after gaining 1% over the past week to finish Friday at yet another
record. The Dow Jones Industrial Average (DJI) fell more than 100
points at one point Monday but was recently down 75 points, or
0.3%, at 16,401.58.
The Nasdaq Composite (RIXF) fell 15 points, or 0.4%, to
4,320.38.
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Weighing on stocks was a report from China, the world's
second-largest economy, over the weekend that showed its exports
unexpectedly skidded 18.1% in February over a year earlier.
Economists had expected an increase of 5%. The surprise drop also
hit copper prices.
"In the short term, China's trade data was disappointing,
however, at this point it is unclear how much of it was distorted
by the Lunar New Year holiday," said John De Clue, chief investment
officer at U.S. Bank Wealth Management.
"U.S. equities still remain the market of choice for a lot of
international money, which is why we have seen more multiple
expansion over the past few weeks," he added.
Among individual stocks, shares of Chiquita Brands International
Inc. (CQB) jumped 10% after the company announced an all-stock
merger deal with Fyffes PLC worth $1.07 billion on Monday.
FMC (FMC) shares climbed 5.3% after the company said Monday it
will split into two entities by early next year, with one company
consisting of FMC's agricultural solutions and health and nutrition
units and the other will focus on its minerals business.
Cliffs Natural Resources Inc. (CLF) shares dropped 4.1% in the
wake of weak data out of China.
Boeing Co. (BA) shares fell 2.3% after The Wall Street Journal
reported late Friday that the company has discovered cracks in some
787 Dreamliner jets, which will lead to a delayed delivery of some
aircraft.
Alexion Pharmaceuticals Inc. (ALXN) shares gained 6.7% after the
biopharmaceutical company on Monday raised its 2014 adjusted
earnings outlook .
Plug Power Inc. (PLUGD) shares jumped 28%, adding to last week's
gains of 77%. Plug Power last week scored a contract with six
distribution centers at Wal-Mart Stores Inc. (WMT) and the price
target on its shares was boosted by Cowen & Co. analysts on
hope of more contracts.
Facebook Inc. (FB) shares rose 3% after UBS raised the stock's
price target to $90 from $72. Analyst Eric Sheridan said Facebook
shares are undervalued but is expected to accelerate in value going
forward.
In overseas markets, Asian stocks fell sharply, with the
Shanghai Composite Index down nearly 3%. The Nikkei 225 index lost
1%. European markets fell.
Oil prices were also sharply lower, with April crude (CLJ4) off
more than 1%. Gold prices regained foot and rose.
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