Dow declines on global growth forecasts

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Source: Dukascopy Bank SA
U.S. blue chips declined after their gains yesterday on growing concerns about the global economy after World Bank forecast it to grow at a slower pace than in 2012. The world's largest economy improved last month, as industrial production extended its gains for a second month and auto and home sales also advanced, offsetting the weak data for unemployment in the U.S. The Dow Jones Industrial Average dropped 0.2%, or 23.66 points, to 13,511.23. Five out of nine groups declined in the gauge. Telecommunications paired biggest losses, as AT&T and Verizon Communications slid 1.48% and 1.10%, respectively. Boeing Co. dragged down the industrials sector that lost 0.9%, as the company eased 3.4% to $74.34. Boeing currently faces fresh scrutiny, as nearly half of the Dreamliner fleet of Japanese Airlines were forced to make an emergency landing. Meanwhile, technology stocks advanced on rising Hewlett-Packard's shares that rallied 4.1%, the most in the benchmark index. Furthermore, Bank of America supported financial stocks, as it inched 2% higher.
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