Stocks sink after retail sales slip, China slows

NEW YORK — Signs of weakness in China's economy and a weak start to the holiday shopping season knocked the stock market lower on Monday.

KEEPING SCORE: The Standard & Poor's 500 index fell 13 points, or 0.7 percent, to 2,055 as of 10:05 a.m. Eastern time. The Dow Jones industrial average fell 81 points, or 0.5 percent, to 17,745, while the Nasdaq composite fell 40 points, or 0.8 percent, to 4,751.

HOLIDAY SHOPPING: Earlier sales, more online shopping and a mixed economy meant fewer Americans showed up to shop over Thanksgiving weekend, the National Retail Federation said Sunday. The trade group estimated that total spending for the weekend was $50.9 billion, down 11 percent from last year.

REACTION: Major retail stocks slumped. Macy's lost $1.66, or 3 percent, to $63.25, and Target fell $1.69, or 2 percent, to $72.29. Best Buy lost $1.75, or 4 percent, to $37.65.

PAST PRECEDENT: December has proven to be the stock market's best month, on average. The S&P 500 has typically ended the month with a gain of 1.7 percent since 1950, according to the "Stock Trader's Almanac." The market does look relatively expensive, however. The S&P 500 index is trading at 17.6 times its profits over the past year, well above the long-term average.

OIL: U.S. benchmark crude edged up $1.22 to $67.38 a barrel after hitting a five-year low earlier Monday. It sank more than 10 percent Friday. The recent slide helped push Russia's currency, the ruble, down nearly 5 percent against the dollar. Russia's economy depends on oil revenue.

EUROPE: Germany's DAX shed 0.1 percent and France's CAC 40 dropped 0.2 percent. Britain's FTSE 100 shed 0.8 percent. Russia's RTS index fell 2.5 percent.

CHINA FACTORIES: A survey by HSBC showed Chinese manufacturing activity weakened in November, adding to signs an economic slowdown is deepening. HSBC said its purchasing managers' index declined to 50 from the previous month's 50.4. On the index's 100-point scale, numbers below 50 show indicate contraction. The bank said domestic demand was sluggish and new orders were weak. China's economic growth slowed to a five-year low of 7.3 percent in the latest quarter.

QUOTE: "The November PMIs confirm that growth in China's industry remains under downward pressure," Louis Kuijs of Royal Bank of Scotland wrote in a report to investors. "The surprisingly meager development of the new export order component in today's PMI indices suggests that global demand growth also remains subdued."

ASIA'S DAY: Hong Kong's Hang Seng index plunged 2.6 percent. China's Shanghai Composite Index shed 0.1 percent while Tokyo's Nikkei 225 added 0.8 percent. In South Korea, Seoul's Kospi declined 0.8 percent.

SAFE SPOTS: Prices for U.S. government bonds held steady. The yield on the 10-year Treasury note hovered near its low for the year at 2.16 percent, unchanged from late Friday. High demand for bonds pushes yields down. The dollar fell to 118.51 yen from Friday's 118.61 yen. The euro rose to $1.2460 from $1.2448.

Copyright © 2014, Los Angeles Times

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Stocks sink after retail sales slip, China slows

NEW YORK — Signs of weakness in China's economy and a weak start to the holiday shopping season knocked the stock market lower on Monday.

KEEPING SCORE: The Standard & Poor's 500 index fell 13 points, or 0.7 percent, to 2,055 as of 10:05 a.m. Eastern time. The Dow Jones industrial average fell 81 points, or 0.5 percent, to 17,745, while the Nasdaq composite fell 40 points, or 0.8 percent, to 4,751.

HOLIDAY SHOPPING: Earlier sales, more online shopping and a mixed economy meant fewer Americans showed up to shop over Thanksgiving weekend, the National Retail Federation said Sunday. The trade group estimated that total spending for the weekend was $50.9 billion, down 11 percent from last year.

REACTION: Major retail stocks slumped. Macy's lost $1.66, or 3 percent, to $63.25, and Target fell $1.69, or 2 percent, to $72.29. Best Buy lost $1.75, or 4 percent, to $37.65.

PAST PRECEDENT: December has proven to be the stock market's best month, on average. The S&P 500 has typically ended the month with a gain of 1.7 percent since 1950, according to the "Stock Trader's Almanac." The market does look relatively expensive, however. The S&P 500 index is trading at 17.6 times its profits over the past year, well above the long-term average.

OIL: U.S. benchmark crude edged up $1.22 to $67.38 a barrel after hitting a five-year low earlier Monday. It sank more than 10 percent Friday. The recent slide helped push Russia's currency, the ruble, down nearly 5 percent against the dollar. Russia's economy depends on oil revenue.

EUROPE: Germany's DAX shed 0.1 percent and France's CAC 40 dropped 0.2 percent. Britain's FTSE 100 shed 0.8 percent. Russia's RTS index fell 2.5 percent.

CHINA FACTORIES: A survey by HSBC showed Chinese manufacturing activity weakened in November, adding to signs an economic slowdown is deepening. HSBC said its purchasing managers' index declined to 50 from the previous month's 50.4. On the index's 100-point scale, numbers below 50 show indicate contraction. The bank said domestic demand was sluggish and new orders were weak. China's economic growth slowed to a five-year low of 7.3 percent in the latest quarter.

QUOTE: "The November PMIs confirm that growth in China's industry remains under downward pressure," Louis Kuijs of Royal Bank of Scotland wrote in a report to investors. "The surprisingly meager development of the new export order component in today's PMI indices suggests that global demand growth also remains subdued."

ASIA'S DAY: Hong Kong's Hang Seng index plunged 2.6 percent. China's Shanghai Composite Index shed 0.1 percent while Tokyo's Nikkei 225 added 0.8 percent. In South Korea, Seoul's Kospi declined 0.8 percent.

SAFE SPOTS: Prices for U.S. government bonds held steady. The yield on the 10-year Treasury note hovered near its low for the year at 2.16 percent, unchanged from late Friday. High demand for bonds pushes yields down. The dollar fell to 118.51 yen from Friday's 118.61 yen. The euro rose to $1.2460 from $1.2448.

Copyright © 2014, Los Angeles Times

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The People Behind the Places: Adventures in Vietnam

In our second installment of "The People Behind the Places," we chat with Réhahn Croquevielle, an avid traveler and photographer. The photos he has shared with us have been some of our most memorable.

Croquevielle was born in France but moved to Vietnam after falling in love with the country during a 2007 visit. He runs a restaurant and a guesthouse in Hoi An in central Vietnam, but his love is photography. He has 40,000 photos of Vietnam to prove it.

Croquevielle is a fan of portraits. We featured a portrait he took of a local Cuzco, Peru, girl in Your Scene in 2011. His subject has been Vietnam since moving to Hoi An in 2011. One of his Vietnam photos was a contender for the cover of our annual reader photo issue in September.

Why do you travel?

I travel to discover new cultures and take photos. I'm not one to stay in a resort for 15 days, and I'm not a fan of museums. ... I like to meet people and discover places firsthand.

What led you to photography?

I think there's a photographer in every traveler. Everyone wants to capture moments and places and share them. Personally, I love capturing moments and collecting portraits of people I meet during my travels.

What inspires you?

People. I like contact. I like taking the pictures that others will not. And for that, you need time and to invest yourself. I love meeting ethnic minorities, especially in Asia. I love their colors, their lifestyle. I think it's important to immortalize their cultures before they disappear.

What's your most memorable photo?

The cover of my book. She is 76 years old but still works on her small boat on the Thu Bon River in the old town of Hoi An. We have become friends, and she is undoubtedly the reason for the success of my first book.

What's your best trip?

Without hesitation, my 15-day trip by motorbike through north Vietnam last year. I drove 2,200 kilometers and met ethnic minorities in the region. A highlight was the Ma Pi Leng Pass and the Happy Road. I was alone on the motorbike, free as a bird. I discovered many small hidden villages where people welcomed me as a member of the village. They offered me food, tea and even local specialties.

"The People Behind the Places" is an occasional series that profiles aspiring photographers and readers whose photography has caught our eye. If you're interested in sharing your work with us, visit our Flickr page. You can also email yourscene-travel@latimes.com.

Copyright © 2014, Los Angeles Times

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The People Behind the Places: Adventures in Vietnam

In our second installment of "The People Behind the Places," we chat with Réhahn Croquevielle, an avid traveler and photographer. The photos he has shared with us have been some of our most memorable.

Croquevielle was born in France but moved to Vietnam after falling in love with the country during a 2007 visit. He runs a restaurant and a guesthouse in Hoi An in central Vietnam, but his love is photography. He has 40,000 photos of Vietnam to prove it.

Croquevielle is a fan of portraits. We featured a portrait he took of a local Cuzco, Peru, girl in Your Scene in 2011. His subject has been Vietnam since moving to Hoi An in 2011. One of his Vietnam photos was a contender for the cover of our annual reader photo issue in September.

Why do you travel?

I travel to discover new cultures and take photos. I'm not one to stay in a resort for 15 days, and I'm not a fan of museums. ... I like to meet people and discover places firsthand.

What led you to photography?

I think there's a photographer in every traveler. Everyone wants to capture moments and places and share them. Personally, I love capturing moments and collecting portraits of people I meet during my travels.

What inspires you?

People. I like contact. I like taking the pictures that others will not. And for that, you need time and to invest yourself. I love meeting ethnic minorities, especially in Asia. I love their colors, their lifestyle. I think it's important to immortalize their cultures before they disappear.

What's your most memorable photo?

The cover of my book. She is 76 years old but still works on her small boat on the Thu Bon River in the old town of Hoi An. We have become friends, and she is undoubtedly the reason for the success of my first book.

What's your best trip?

Without hesitation, my 15-day trip by motorbike through north Vietnam last year. I drove 2,200 kilometers and met ethnic minorities in the region. A highlight was the Ma Pi Leng Pass and the Happy Road. I was alone on the motorbike, free as a bird. I discovered many small hidden villages where people welcomed me as a member of the village. They offered me food, tea and even local specialties.

"The People Behind the Places" is an occasional series that profiles aspiring photographers and readers whose photography has caught our eye. If you're interested in sharing your work with us, visit our Flickr page. You can also email yourscene-travel@latimes.com.

Copyright © 2014, Los Angeles Times

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Stocks sink after retail sales slip, China slows

NEW YORK — Signs of weakness in China's economy and a weak start to the holiday shopping season knocked the stock market lower on Monday.

KEEPING SCORE: The Standard & Poor's 500 index fell 13 points, or 0.7 percent, to 2,055 as of 10:05 a.m. Eastern time. The Dow Jones industrial average fell 81 points, or 0.5 percent, to 17,745, while the Nasdaq composite fell 40 points, or 0.8 percent, to 4,751.

HOLIDAY SHOPPING: Earlier sales, more online shopping and a mixed economy meant fewer Americans showed up to shop over Thanksgiving weekend, the National Retail Federation said Sunday. The trade group estimated that total spending for the weekend was $50.9 billion, down 11 percent from last year.

REACTION: Major retail stocks slumped. Macy's lost $1.66, or 3 percent, to $63.25, and Target fell $1.69, or 2 percent, to $72.29. Best Buy lost $1.75, or 4 percent, to $37.65.

PAST PRECEDENT: December has proven to be the stock market's best month, on average. The S&P 500 has typically ended the month with a gain of 1.7 percent since 1950, according to the "Stock Trader's Almanac." The market does look relatively expensive, however. The S&P 500 index is trading at 17.6 times its profits over the past year, well above the long-term average.

OIL: U.S. benchmark crude edged up $1.22 to $67.38 a barrel after hitting a five-year low earlier Monday. It sank more than 10 percent Friday. The recent slide helped push Russia's currency, the ruble, down nearly 5 percent against the dollar. Russia's economy depends on oil revenue.

EUROPE: Germany's DAX shed 0.1 percent and France's CAC 40 dropped 0.2 percent. Britain's FTSE 100 shed 0.8 percent. Russia's RTS index fell 2.5 percent.

CHINA FACTORIES: A survey by HSBC showed Chinese manufacturing activity weakened in November, adding to signs an economic slowdown is deepening. HSBC said its purchasing managers' index declined to 50 from the previous month's 50.4. On the index's 100-point scale, numbers below 50 show indicate contraction. The bank said domestic demand was sluggish and new orders were weak. China's economic growth slowed to a five-year low of 7.3 percent in the latest quarter.

QUOTE: "The November PMIs confirm that growth in China's industry remains under downward pressure," Louis Kuijs of Royal Bank of Scotland wrote in a report to investors. "The surprisingly meager development of the new export order component in today's PMI indices suggests that global demand growth also remains subdued."

ASIA'S DAY: Hong Kong's Hang Seng index plunged 2.6 percent. China's Shanghai Composite Index shed 0.1 percent while Tokyo's Nikkei 225 added 0.8 percent. In South Korea, Seoul's Kospi declined 0.8 percent.

SAFE SPOTS: Prices for U.S. government bonds held steady. The yield on the 10-year Treasury note hovered near its low for the year at 2.16 percent, unchanged from late Friday. High demand for bonds pushes yields down. The dollar fell to 118.51 yen from Friday's 118.61 yen. The euro rose to $1.2460 from $1.2448.

Copyright © 2014, Los Angeles Times

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Five takeaways from Clippers' 112-96 win over Utah

1. For the second consecutive game, Blake Griffin started strong.

He had 13 points in the first quarter, making six of nine shots against the Utah Jazz on Saturday night, and had five rebounds in the first.

On Friday night against the Houston Rockets, Griffin had 12 first-quarter points en route to 30 points.

He finished with 28 points on 13-for-18 shooting against the Jazz.

2.Tired or not, DeAndre Jordan played with energy.

And that was never more evident than in the first quarter.

Jordan controlled the backboards in the first, collecting seven rebounds, the same as the entire Jazz team had. He had three offensive rebounds in the first.

He finished with 12 rebounds, four offensive.

3. Jamal Crawford has the most uncanny ability to score last-second shots while being fouled.

With Jazz rookie guard Dante Exum defending him, Crawford pulled up for a jump shot that rolled around and went in with 0.6 seconds left in the first half. Exum was called for a foul on the play, looking perplexed. Crawford made the free throw for the three-point play.

4. The Clippers shot the basketball very well against the Jazz, making 56.3% of their shots, 39.3% of their three-pointers.

5. The Clippers took care of the basketball, turning it over just 11 times against the Jazz.

Chris Paul, who handles the ball more than any other player on the team, had two of the turnovers. But Paul also had 10 assists.

broderick.turner@latimes.com

Twitter:@BA_Turner

Copyright © 2014, Los Angeles Times

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Nebraska fires Coach Bo Pelini after 9-3 season

Nebraska fired Coach Bo Pelini on Sunday on the heels of a 9-3 campaign that included late-season losses to Wisconsin and Minnesota that dissolved the Cornhuskers' chances of playing in the Big Ten championship game.

Pelini's firing is effective immediately, Nebraska Athletic Director Shawn Eichorst said in a statement.

"Earlier this morning, I informed Coach Bo Pelini of our decision to move forward in a new direction. Coach Pelini served our university admirably for seven years and led our football program's transition to the Big Ten Conference. We wish Coach Pelini and his wonderful family all the best and thank him for his dedicated service to the university."

Pelini served as Nebraska head coach for seven seasons, compiling a 66-27 overall record and a 3-3 record in bowl games.

Pelini recorded at least nine wins in each of his seasons with the Cornhuskers. However, Nebraska, which has won five national titles in college football, the last coming in 1997, was never in the hunt for a championship under Pelini. The Cornhuskers have failed to win a conference title since 1999.

Nebraska started the season 8-1 and was tied at the top of the Big Ten West Division standings until it suffered a 59-24 blowout loss at Wisconsin on Nov. 15. The Cornhuskers then lost at home to Minnesota before closing out conference play Friday with a 37-34 overtime win over Iowa.

Nebraska has yet to announce who will coach the team for its upcoming bowl game. The university has scheduled a news conference for 11 a.m. PST.

Copyright © 2014, Los Angeles Times

8:30 a.m.: This story has been updated with additional background and details.

This story was first published at 8:12 a.m.

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12hrs.net is for when your sightseeing time is limited

Here's a website that can help when you're hot to travel but short on time.

Name: 12HRS

Available: 12hrs.net

What it does: Provides 12-hour itineraries for travelers who are fond of great discoveries and love design, music and fashion. Available for 13 destinations in Europe and North America, including Berlin; Copenhagen; Paris; Vancouver, Canada; San Francisco; Portland, Ore.; and more.

What's hot: The giant magazine-quality photos are beguiling, but make sure you read the text. If you delve deeper, you'll find experience-driven travel tips that hit the mark for romantic hipsters as well as practical travelers. Unlike most time-based travel itineraries, these are paced correctly. You might be tired at the end of the day, but you'll have visited heaps of brag-worthy hot spots that may or may not be in the guidebooks.

What's not: Sometimes 12 hours are not enough. Additional content on a city, for example, might have its own page. Make sure you scroll all the way past the map to the bottom of the guide to link to additional content, if available, in the "Still Curious?" section.

Copyright © 2014, Los Angeles Times

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12hrs.net is for when your sightseeing time is limited

Here's a website that can help when you're hot to travel but short on time.

Name: 12HRS

Available: 12hrs.net

What it does: Provides 12-hour itineraries for travelers who are fond of great discoveries and love design, music and fashion. Available for 13 destinations in Europe and North America, including Berlin; Copenhagen; Paris; Vancouver, Canada; San Francisco; Portland, Ore.; and more.

What's hot: The giant magazine-quality photos are beguiling, but make sure you read the text. If you delve deeper, you'll find experience-driven travel tips that hit the mark for romantic hipsters as well as practical travelers. Unlike most time-based travel itineraries, these are paced correctly. You might be tired at the end of the day, but you'll have visited heaps of brag-worthy hot spots that may or may not be in the guidebooks.

What's not: Sometimes 12 hours are not enough. Additional content on a city, for example, might have its own page. Make sure you scroll all the way past the map to the bottom of the guide to link to additional content, if available, in the "Still Curious?" section.

Copyright © 2014, Los Angeles Times

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Nebraska fires Coach Bo Pelini after 9-3 season

Nebraska fired Coach Bo Pelini on Sunday on the heels of a 9-3 campaign that included late-season losses to Wisconsin and Minnesota that dissolved the Cornhuskers' chances of playing in the Big Ten championship game.

Pelini's firing is effective immediately, Nebraska Athletic Director Shawn Eichorst said in a statement.

"Earlier this morning, I informed Coach Bo Pelini of our decision to move forward in a new direction. Coach Pelini served our university admirably for seven years and led our football program's transition to the Big Ten Conference. We wish Coach Pelini and his wonderful family all the best and thank him for his dedicated service to the university."

Pelini served as Nebraska head coach for seven seasons, compiling a 66-27 overall record and a 3-3 record in bowl games.

Pelini recorded at least nine wins in each of his seasons with the Cornhuskers. However, Nebraska, which has won five national titles in college football, the last coming in 1997, was never in the hunt for a championship under Pelini. The Cornhuskers have failed to win a conference title since 1999.

Nebraska started the season 8-1 and was tied at the top of the Big Ten West Division standings until it suffered a 59-24 blowout loss at Wisconsin on Nov. 15. The Cornhuskers then lost at home to Minnesota before closing out conference play Friday with a 37-34 overtime win over Iowa.

Nebraska has yet to announce who will coach the team for its upcoming bowl game. The university has scheduled a news conference for 11 a.m. PST.

Copyright © 2014, Los Angeles Times

8:30 a.m.: This story has been updated with additional background and details.

This story was first published at 8:12 a.m.

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