Stocks Tumble on Global Growth Worries
Stocks tumbled in trading today as ongoing worries over global economic growth and euro zone debt crisis weighed down sentiments. The S&P 500 fell for a fourth straight trading session.
The Dow Jones ended the day 0.95% lower at 13,344.97, the S&P 500 ended the day 0.62% lower at 1,432.56, and the Nasdaq ended the day 0.43% lower at 3,051.78.
All sectors in the S&P 500 ended the day in red. Energy sector led the losses in the S&P 500, ending the day 0.97% lower. Basic Materials sector ended the day 0.55% lower, while Industrials ended the day 0.74% lower. Conglomerates finished the day 0.87% lower. Healthcare sector ended the day 0.66% lower. Technology sector finished the day 0.62% lower.
Alcoa Inc. (NYSE: AA) shares were among the major losers in trading today even as the company reported better than expected third-quarter results. The stock fell after the company’s CEO warned of a slowdown in demand due to weakening in China and Europe. AA shares ended the day 4.60% lower at $8.71.
Chevron Corporation (NYSE: CVX) shares also fell sharply in trading today after the oil and gas major said that its third-quarter earnings are expected to be significantly lower than the previous quarter. CVX shares ended the day 4.18% lower at $112.45.
Yum Brands Inc. (NYSE: YUM) shares rose sharply in trading today despite the decline in the broad market as investors cheered the company’s third-quarter financial results. YUM shares ended the day 8.04% higher at $70.99.
On the economic front, a report from the Commerce Department showed that wholesale inventories rose 0.5% in the month of August, in-line with expectations. The Federal Reserve, meanwhile, released its latest Beige Book report. The Fed said in the report that widespread improvement in housing has helped increased economic activity since August.
European markets ended mostly lower in trading today, with the FTSE100 Index in London closing 0.58% lower, and the CAC 40 Index in Paris closing 0.50% lower. Asian markets also ended mostly lower overnight, with the Nikkei 225 Index in Japan closing 1.98% lower, and the Hang Seng Index in Hong Kong closing 0.08% lower.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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