Stocks began the week with big losses on concerns about an interest rate hike and Chinese trade data. Bobbi Rebell reports.
U.S. stocks suffered their biggest fall in six weeks on Monday, weighed down by weak trade data out of China. The major indexes ended the day down about one percent with the Dow falling back into negative territory for the year. Among the big losers: Dow components IBM and Goldman Sachs. Recon Capital's Kevin Kelly: SOUNDBITE: KEVIN KELLY, MANAGING PARTNER, RECON CAPITAL PARTNERS IN (ENGLISH) SAYING: "What's driving markets is it's starting to have conviction that the Fed is going to raise interest rates, because the data they were so dependent on is leading credence to a rise and a rise should happen imminently." Priceline shares took a hit after the travel service lowered its guidance citing currency exchange woes. Falling oil prices hurt shares of ExxonMobil and Chevron. Meanwhile, Plum Creek Timber's shares soared on the proposed merger with Weyerhaeuser to create the largest timber company in the U.S. Shares of Dean Foods climbed higher after reporting a better than expected profit. Apache Corporation shares jumped after the company declined to comment on a Bloomberg report that it received and rejected an unsolicited takeover offer. Shares of Norfolk Southern spiked on a Bloomberg report that Canadian Pacific is exploring a bid for the company. In Europe, stocks ended the day lower- in part because of concerns about political uncertainty in Portugal.