After The Bell: Stocks Plunge Amid Fears Of Global Slowdown

Andy Giersher
December 14, 2018 - 5:33 pm

(AP Photo/Richard Drew, File)

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CHICAGO (WBBM NEWSRADIO) -- Stocks closed sharply lower Friday after soft economic data from China and Europe renewed concerns about a global slowdown. 

The S&P 500 dropped 50, the NASDAQ lost 159 and the Dow Jones Industrial Average shed nearly 500 points, posting its lowest close since May, settling to 24,100.

"The data this morning couldn't have been worse,” Jack Ablin, chief investment officer at Cresset Wealth Advisors in Chicago, said.

“Investors feared really two things: one, that global growth is slowing and two, the Federal Reserve and other central banks will keep raising interest rates. 

What we had certainly confirmed investor fears about global growth, as China economic data was weaker than expected. But at the same time, stronger consumer spending and retail helped fuel concern that perhaps the Fed isn't done raising interest rates in this cycle.”

Ablin added he sees the economy slowing down some, but doesn't see a recession in sight.