Sept 17 - Summary of business headlines: Wall Street's Monday blues continue as manufacturing data and China-U.S. trade spat give reason to pause after run-up; Apple shares hover near $700 record; Occupy Wall Street returns. Conway G. Gittens reports.
PLEASE NOTE: THIS EDIT CONTAINS CONVERTED 4:3 MATERIAL Wall Street gave up ground for the fifth Monday in a row, weighed down by economic and geo-political concerns. The Dow, the S&P 500 and the Nasdaq each backing off the multi-year highs set last week. Economic jitters were set off by a manufacturing survey out of the New York area, which shows business activity in the Northeast hitting a 3-1/2 year low. And when it comes to geo-politics: The U.S. and China are lobbying tit-for-tat anti-trade claims via the World Trade Organization. The U.S. is challenging Chinese auto and auto parts subsidies, which the White House says is threatening American jobs. China fired back with its own complaints against U.S. duties on many Chinese exports. This is just the latest in a growing trade spat between the two economic powerhouses. Anthony Chan of J.P. Morgan Private Wealth Management sees economic reasons behind the U.S. complaint. ANTHONY CHAN, JP MORGAN CHASE PRIVATE CLIENT ADVISORS (ENGLISH) SAYING: "It's a reflection of the fact that the economy is not growing very rapidly and we are certainly trying to optimize or strengthen the pace of growth by trying to enhance the pace of exports or certainly to minimize imports or improve our trade balance." In terms of company news: Apple booked orders for over 2 million of the new iPhone 5 in the first 24 hours of Internet pre-sales. The iPhone 5 hits stores shelves this Friday. Shares touched another record in anticipation strong demand will mean stronger earnings. Occupy Wall Street celebrated its one-year anniversary with a march through the New York Financial District. Thousands took to the streets on behalf of the 99 percent, a phrase made popular by the movement. There were "multiple arrests" according to the New York Police Department. Occupy Wall Street sparked a movement against financial and economic inequalities, which spread around the world. On to Europe now: stocks slipped as investors wonder if Spain will seek an official bailout. Conway Gittens, Reuters