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Stocks Slip as China's Growth Slows to 2009 Levels

Stocks were lower on Monday as China's economy continued to show signs of a slowdown.

The S&P 500 was down 0.23%, the Dow Jones Industrial Average fell 0.2%, and the Nasdaq declined 0.26%.

China's economy grew 6.9% during the third quarter, a drop from the 7% growth in the first half of the year, and the worst reading since the global financial crisis in 2009. China's government is aiming for 7% growth over the full year. The results, though slower than the first half, came in better than the 6.8% growth economists had expected. Industrial production data was also released and showed a drop to 5.7% from 6.1%. Global markets have been volatile over the past two months as investors grow more concerned over the health of the world's second-largest economy.

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"We see little recovery in production and investment data," Societe Generale analysts wrote in a note. "The resilience of consumption and services, which has limited data to show for, remained the growth pillar. This is still a set of data that calls for more policy easing. Another rate cut from the...


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