US markets fell sharply as investors digested some weak economic data from China and the eurozone - Dow up -497-points or -2.02% to 24,100.51 - its lowest close since 3 May. The latest fall also left the Dow more than >10% below its record high (26,951.81) touched on 3 October and thus in correction territory. Johnson & Johnson tumbled -10% after a Reuters report alleged the company knew for decades that its baby talcum powder was sometimes contaminated with the carcinogen asbestos. The broader S&P500 -1.91% to 2,599.95 and its lowest close since 2 April. NASDAQ shed -2.26% to 6,910.66 and the lowest close for the technology-centric index since 20 November. In trade news, China’s Ministry of Finance announced Friday that it would suspend a series of tariffs on American-made automobiles and parts for three months starting 1 January, according to Reuters. Looking ahead and the Federal Reserve host their two day monetary policy meeting (18-19 December, while the US government faces a partial shutdown if Congress fails to reach a compromise and pass seven remaining bills by 21 December to keep the government open. For the week, the Dow rose +0.85% and Nasdaq +1.45%, while the S&P500 fell -1.26%.
