US stocks drop despite good Chinese data

US stocks Friday closed lower despite strong Chinese economic data, finishing a sluggish trading week on a down note. At the closing bell, the Dow Jones Industrial Average dropped 73.04 (0.47 percent) to 15,425.28. The broad-based S&P 500 fell 6.09 (0.36 percent) to 1,691.39, while the tech-rich Nasdaq Composite Index gave up 9.02 (0.25 percent) at 3,660.11. There was little concrete news to spark support for prices. The market brushed off news that Chinese industrial production rose 9.7 percent in July, well above expectations of 9.0 percent, more evidence of strength in the world's second largest economy. Analysts said Friday's losses were accentuated by light trading volume as many investors were on summer holiday. Last week's trade was "a chance maybe to take some profits," after the Dow and S&P 500 finished at record highs the previous week, said William Lynch, director of investment at Hinsdale Associates.