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September 01, 2020 10:18am
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Sharply Lower Close On Slowing Economic Growth In China

Slowing economic growth in China triggered global economic concerns sending the markets tumbling to a sharply lower close with the Dow slumping 136 points to 12,849. Nasdaq plummeted 44 points to 3011.

On the upside

Sunesis Pharmaceuticals (Nasdaq: SNSS) will present at the 19th Annual Future Leaders in the Biotech Industry Conference on Friday, April 20 in New York.

Shares of Renren (NYSE: RENN) continued climbing on news that “Angry Birds” creator Rovio was exploring new methods of distributing mobile games in China.

Lender Processing Services (NYSE: LPS) will report first quarter results on Thursday, May 3.

On the downside

An appeals court threw out a verdict in Pendrell’s favor (Nasdaq: PCO) in its lawsuit against Boeing.

The arrest of former Mongolian president Enkhbayar Nambar weighed down shares of Ivanhoe Mines (NYSE: TLB) which has mining operations in Mongolia.


Infosys Technologies’ (NYSE: INFY) earnings warning weighed down shares of rival Indian outsourcing firm Wipro (NYSE: WIT).

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by more than 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 12 points to 796.

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