After The Bell: Stocks Lower On Global Growth Concerns

Andy Giersher
March 22, 2019 - 5:24 pm

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CHICAGO (WBBM NEWSRADIO) -- Stocks closed sharply lower Friday as global growth concerns put investors in a selling mood.

The S&P 500 lost 54, the NASDAQ shed 196 and the Dow Jones industrial average closed down over 460 points, settling to 25,502.

"We woke up this morning to learn that German manufacturing data came in woefully below expectations and now something like two or three consecutive months of disappointment there, suggesting perhaps this isn't a one off situation and this looks more like a trend," Jack Ablin, chief investment officer at Cresset Wealth Advisors in Chicago, said.

Stocks got clobbered domestically today but in Europe, large political issues such as Brexit and turmoil in Italy and France, Ablin said.

"Investors felt in general that the U.S. was insulated from those problems," he said, but that could change for domestic stocks.

He added that he likes the safety of utilities, telecom and healthcare stocks in the current economic environment. Listen to the full interview with Albin to get more advice and updates on the latest stock news.