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S&P worst drop in more than a month

Monday, December 01, 2014 - 01:55

Stocks took a step back after data showed the holiday season got off to a weak start. Crude oil prices rebounded from 5- year lows. Bobbi Rebell reports.

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U.S. stocks fell on Monday - on disappointing Thanksgiving weekend sales data- and a slowdown in manufacturing growth in Asia and Europe. The Dow, the S&P 500 and the Nasdaq all closing out the first session of the week to the downside. Crude oil markets jumped as much as 5 percent- rebounding from 5-year lows- with their biggest daily gain since 2012, on fears that the high U.S. shale output may be shrinking. Apple shares tumbled shortly after the start of trading- at one point suffering their largest drop in at least 3 months. The cause was not clear- but traders pointed to high speed algorithmic trading as a possible reason. Thanksgiving weekend sales dropped 11 percent this year versus last- Shoppers spent 6.4 percent less than they did a year earlier, according to the National Retail Federation. Cyber Monday is looking a bit better- IBM Digital Analytics said By mid-day sales were up more than 9 percent compared to last year- with about 40 percent of that traffic mobile. RetailMeNot's Jag Bath agreed the day was off to a strong start: SOUNDBITE: JAG BATH, SVP OF PRODUCT, RETAILMENOT (ENGLISH) SAYING: "Early this morning we are starting to see traffic spike from our website on our mobile app and we are starting to see some great deals out there. we are seeing categories that are trending like apparel and accessories, home goods as well as electronics " Cybersecurity firm FireEye says it has uncovered a spying ring that stole corporate secrets to play the stock market. Victims include more than 100 firms, most of them in the pharmaceutical and healthcare industry, but also investment banks, attorney offices and investor relations companies. They did not identify the victims, and said they did not know if any trades were made based on the stolen data. U.S. manufacturing growth rate slowed for a third straight month in November to its lowest rate since January, according to Markit. European stocks got knocked lower by commodity slump.

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S&P worst drop in more than a month

Monday, December 01, 2014 - 01:55