US STOCKS-Wall Street hurt by global growth jitters

* NY Fed business index misses forecast

* Commodity prices sink, energy and mining shares hit

* Dow off 0.8 pct, S&P off 0.8 pct, Nasdaq 0.8 pct

* For up-to-the-minute market news see [STXNEWS/US]
(Updates to late afternoon, changes byline)

By Leah Schnurr

NEW YORK, May 17 (BestGrowthStock) – U.S. stocks (Read more about the stock market today. ) fell on Monday as
investor concerns grew that efforts to tackle the euro-zone
debt crisis could stifle the global economic recovery.

In U.S. economic news, a gauge of manufacturing in New York
state showed growth advanced at a slower pace in May, while a
Chinese leading economic indicator showed growth may have
already peaked for the country. For details, see
[ID:nN17257956] [ID:nTOE64G065]

Demand worries hit commodities, including oil, which fell
to a five-month low below $70 a barrel. Energy companies led
the way down with Exxon Mobil (XOM.N: ) falling 1 percent to
$63.00. Freeport-McMoRan Copper & Gold (FCX.N: ) dropped 4.2
percent to $66.84, as copper prices sank 6.1 percent.

The euro slid to a four-year low at one point as investors
fretted that the steps some euro-zone nations are taking to cut
their budgets will hinder economic growth.

“It’s a matter of executing and building in the austerity
plans and putting them in place, so that you’re not just
throwing a lot of money at a situation with a lot of debt and
increasing the problem without changing the underlying root of
the problem,” said Alan Lancz, president at Alan B. Lancz &
Associates Inc in Toledo, Ohio.

The Dow Jones industrial average (.DJI: ) fell 83.66 points,
or 0.79 percent, to 10,536.50. The Standard & Poor’s 500 Index
(.SPX: ) lost 9.28 points, or 0.82 percent, to 1,126.40. The
Nasdaq Composite Index (.IXIC: ) declined 17.85 points, or 0.76
percent, to 2,329.00.

Shares of manufacturers tumbled, with Caterpillar (CAT.N: ),
down 3.1 percent at $62.90 and ranking among the heaviest
weights on the Dow.

Financial shares were also among the biggest losers with
the S&P financial index (.GSPF: ) down 1.6 percent. The U.S.
Senate is likely to hold a final vote on financial regulation
reform on Wednesday or Thursday, a Senate Democratic aide said.

Shares of major U.S. home improvement chain Lowe’s Cos
(LOW.N: ) fell 3.9 percent to $25.05 after giving a disappointing
profit forecast for the year. The Dow Jones U.S. home
construction index (.DJUSHB: ) slid 2.1 percent.

Stock Market Research

(Editing by Kenneth Barry)

US STOCKS-Wall Street hurt by global growth jitters