Global growth concerns weigh on Wall Street

Wall Street fell for a third straight day on Thursday after continued contraction in manufacturing in both the euro zone and China fueled worries about the global economy.

The market has shown resilience recently, able to rebound off sluggish starts to the session, but Thursday's trading could represent the first significant test for the S&P 500 to hold the 1,400 support level.

China's manufacturing sector activity shrank in March for a fifth successive month, and in Europe, manufacturing in the euro zone contracted further, led by a decline in French and German factory activity, data showed.

Shares of FedEx Corp, the world's No. 2 package delivery company, slumped more than 4 percent and helped drag down the Dow Jones Transportation average after the company warned of a lowered outlook due to Europe's weak economy.

Read Full Article from Reuters

- Posted: 2012-03-22 10:53:54

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