US stocks edge lower on China’s rise

New York, January 21:US stocks fell slightly Thursday on concerns that surging growth in China could force more interest rate tightening in the Asian powerhouse.

The Chinese government said the economy accelerated at a 9.8-percent annual rate in the fourth quarter of 2010. The news overshadowed some positive news from the US from a key economic indicator and December housing sales.

The blue-chip Dow Jones Industrial Average inched down 2.49 points, or 0.02 percent, to 11,822.8. The broader Standard and Poor’s 500 Index was down 1.66 points, or 0.13 per cent, to 1,280.26. The technology-heavy Nasdaq Composite Index dropped 21.07 points, or 0.77 percent, to 2,704.29.

The US currency was unchanged against the euro at 74.23 euro cents and climbed against the Japanese currency to 83 yen from 82.03 yen.