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The Boston Globe

Business

Stock market slips on weak earnings

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Weak earnings from a range of companies pushed down stocks, though commodities held steady following a wild couple of days. Yet compared with steep drops earlier this week, the losses looked tame. The S&P 500 lost 2% Monday, its worst day of the year, on news of China’s slowdown. After a record high a week ago, the index has slumped 3%. One reason for the sudden turn might simply be that investors wanted to cash in winnings, Joseph Tanious at J.P. Morgan Funds said. On April 1, the S&P 500 was up 10% for 2013. The economic news didn’t help: More people sought jobless benefits last week, and manufacturing has slowed.

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