Selling followed sharp overseas stocks declines and was broad, with all 10 major S&P 500 sectors losing ground. The Dow and S&P 500 both snapped two weeks of gains. For the week, the Dow was down 1.3 percent, the S&P 500 down 1 percent and the Nasdaq down 1.3 percent. China's securities regulator warned investors to be cautious as Chinese shares hit seven-year highs.
All ten major S&P 500 sectors lost ground, with the S&P Financials index losing 1.24 percent and the S&P Consumer Discretionary index off by 1.27 percent. "Today, it just seems the wall of worry is higher than it's been in a while because of Greece, oil, earnings and economic data from the past few days," said Jeffrey Carbone, senior partner, Cornerstone Financial Partners, in Cornelius, NC. Both Honeywell International and General Electric blamed the strong dollar for lower revenue.
By Michael Martina and Gerry Shih BEIJING (Reuters) - China's bank regulator temporarily suspended this week new financial industry cybersecurity rules after feedback from banks, showing the practical challenges of the nation's long-term effort to cut dependence on entrenched foreign technology. In a notice issued on Monday and reviewed by Reuters, Chinese regulators said the decision on the rules, which would have effectively replaced foreign tech products with domestic alternatives, came after "financial institutions in the banking industry and related parties put forward opinions for improvements and proposed changes." Although U.S. technology firms, business lobbies and the White House have been the most vocal critics of the new rules, analysts say key opposition also likely came from within Chinese banks themselves, which like their peers around the world run critical operations on industry-standard products, from IBM servers to Oracle Corp databases.
By Kathy Chen and Dominique Patton BEIJING (Reuters) - China will ban water-polluting paper mills, oil refineries, pesticide producers and other industrial plants by the end of 2016, as it moves to tackle severe pollution of the country's water supply. The long-awaited plan comes as the central government steps up its "war on pollution" after years of industrial development that have left one-third of China's major river basins and 60 percent of its underground water contaminated. China's largest energy company China National Petroleum Corporation [CNPET.UL] last month agreed to pay 100 million yuan ($16 million) in compensation after it was accused of leaking benzene into the water system in Lanzhou in northwest China.
By Natalie Thomas BEIJING (Reuters) - In China's online hostessing world, men find virtual company and the women can find riches. Student Xiao Yue, 21, spends four hours most days chatting online with fans who shower her with virtual roses and other presents. She is one of more than 10,000 hostesses on the internet site bobo.com, a live broadcasting web platform where anyone can record themselves singing, playing piano, dancing or just chatting. Xiao Yue's specialty is to sajiao – a very Chinese type of flirting characterized by the woman acting in a cutesy childlike manner and speaking in a whiny voice.