U.S.

stocksstumbledMondayasinvestorssoldthesomeoftheyearsbiggestgainersandlosersalikeamid
globalgrowthconcernsandhigherexpectationsfortheU.S.FederalReservetoraiseratesthisyear.
TheDowJonesIndustrialAverageslumped209.35points,or1.2%,to17701.25.Themovepushedthe
Dowbackintonegativeterritoryfortheyear.
TheS&P500andtheNasdaqCompositealsodropped1.2%.
Majorstocksindexesralliedinrecentweeks,fueledbypositiveeconomicdataandtheprospectofsupport
centralbanksinAsiaandEurope.
ButtheOrganizationforEconomicCooperationandDevelopmentonMondaywarnedaboutfallinggrowth
intrade,levelsitsayshistoricallyoccurwithrecessions.
Thisisdeeplyconcerning,CatherineMann,OECDschiefeconomist,wroteinaforecast.Robusttrade
andglobalgrowthgohandinhand.
ThereportwasreleasedafterdataovertheweekendshowedChinasexportsfellforafourthconsecutive
month.
Majorstocksindexeshaveralliedinrecentweeks,fueledbypositiveeconomicdataandtheprospectof
supportfromcentralbanksinAsiaandEurope.
Thingswentalittletoofar,toofast,saidBillNichols,headofU.S.equitiesatCantorFitzgeraldLP.
AfterabigmoveintheU.S.,topauseandtakesomeprofitsmakessense.
CaterpillarInc.sharesdeclined2.3%to$72.12,whileInternationalBusinessMachinesCo.shareswere
2.2%lowerat$53.70.NikeInc.dropped1.7%to$129.59.
TheS&Psconsumerdiscretionaryindexfell1.6%.Oneoftheyearsbiggestgainers,itisstillup11%this
year.TheS&Psenergyindexdeclined1.5%.
InvestorshavebeenconsideringtheimplicationsofanunexpectedlystrongU.S.payrollsreportFriday,
whichshowedtheU.S.economyadded271,000jobsinOctober.
ThehealthoftheeconomyisoneofthefactorstheU.S.FederalReserveconsiderswhenmakinginterest
ratedecisions,andFedChairwomanJanetYellenhadpreviouslysignaledaDecemberrateriseisonthe
tabledependingonthestrengthofeconomicdata

TheStoxxEurope600was1.1%lower.
EarlierinAsia,JapansNikkei225Indexendednearly2%higher,withChinesesharesalsogaining.
However,sharesinAustralia,HongKongandKoreaallfell.
Theprospectoffurthermonetarystimulusfromglobalcentralbanks,whichhassupportedstocksinrecent
years,hashelpedboostequitymarkets.Butsomeinvestorsalsosayfearsovertheseverityofaslowdown
intheworldssecondlargesteconomywereoverplayed.

ThemarketselloffinAugustandSeptemberwasaverybigreactionforaworldthatwasntinrecession,
saidJamesSym,afundmanageratSchroders,whichoversees295billioninassetns.
ENLARGE
ARossstoreinNorthMiamiBeach,Fla.,advertisesforworkers.TheU.S.economyadded271,000jobsin
October,significantlymorethanexpected.Photo:AssociatedPress
Mr.SymsaidinvestorsentimenttowardChinahassteadied,clearingthewayformarketstorally.
PeoplehaverealizedthatChinaisn'tgoingtoblowup,hesaid.
Evenso,thehealthofChinaseconomyremainsinsharpfocus.ThecountrysShanghaiCompositeIndex
edgedup1.6%Monday,reachingitshighestintradaylevelsincelateAugustamidhopesformorestimulus
fromBeijingfollowinganotherfallinChineseexportsinOctober,accordingtodatareleasedoverthe
weekend.
ButfurthersignsofaslowingChineseeconomyalsoappearedtoweighonshareselsewhereintheregion.
AustraliasS&P/ASX200slipped1.8%,whileSouthKoreasKospiindexfell0.8%andHongKongs
HangSengIndexwasdown0.6%.
InvestorswillcontinuetofocusonemergingmarketsthisweekaheadofimportantreleasesonChinas
economy,includingtheconsumerpriceindexforOctober.
SomeinvestorsandanalystssaidFridaysreporthighlightedthedivergentpicturefortheworldscentral
banks.EuropeanCentralBankPresidentMarioDraghirecentlydefendedthebanksreadinesstotakemore
accommodativeaction.
Meanwhile,manyeconomistsalsoexpecttheBankofJapan

toexpanditsexistingstimulusprogram.
ThiscouldboostequitiesinEuropeandJapan,whereeconomicpoliciesaremuchmoreconduciveto
higherassetprices,saidRiadYounes,portfoliomanageratRSQInternationalEquityFund.
JapansNikkei225hitafresh2monthhighastheyenweakenedagainstthedollar,boostingthe
competitivenessofJapaneseexporters.Thedollarlasttradedup0.2%againsttheyenat123.45.
Theeurowaslastdown0.1%againstthedollarat$1.0736.
Inbondmarkets,Portuguesedebtweakenedamidworriesaboutpoliticalinstability.Portuguese10year
bondyieldsclimbedaround0.2percentagepointto2.85%.Yieldsriseaspricesfall.
Incommodities,U.S.crudeoilfutureswere1%lowerat$43.84.Goldgained0.1%at$1089.10atroy
ounce.