Stocks Indexes Slide Following Gloomy IMF Forecast
NEW YORK (AP) — Stocks are sliding following another weak forecast of global economic growth and poor expectations for U.S. corporate earnings
The Dow Jones industrial average was off 101 points at 13,482 at midday Tuesday.
The Standard & Poor’s 500 index lost 13 points to 1,443 and the Nasdaq composite gave up 47 points to 3,064.
The slide comes on the five-year anniversary of record high closes for the Dow and S&P 500. On Oct. 9, 2007, the Dow closed at 14,164 and the S&P at 1,565.
After the closing bell, Alcoa becomes the first major U.S. company to report third-quarter results. Investors expect overall earnings to decline for S&P 500 companies.
The International Monetary Fund says the global economy is weakening and that the downturn afflicting developing nations has begun to spread.