US stocks slumped ahead of Q3 earnings season

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Source: Dukascopy Bank SA
US stocks closed lower on Monday amid rising concerns that profits may have slid in Q3 as Asian economies are slowing down and EU fiscal problems persist. The World Bank cut its growth estimate for China for this year, citing weak exports and slow investment growth. Adding to the negative mood of risk-sensitive assets, the IMF lowered its global growth forecast for 2012 and 2013. The S&P 500 Index dropped 0.35% to 1,455.88 and is currently by 7% lower than its record high.  Only two in ten sectors within the index climbed. The only gainers were defensive stocks, with oil and gas firms and utilities advancing 0.14% and 0.08%. Apache rose 0.63% while Aetna added 1.01%. Unitedhealth Group gained 0.82% after stating that it will pay USD4.9 billion in cash to purchase Amil Participacoes. The worst performer was technology sector. Apple Inc. shed 2.21% as its assembler of iPhones stopped production for the second time in the last two weeks after factory workers started to protest against working conditions.

 

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Tue, 09 Oct 2012 13:20:05 GMT

U.K. manufacturing output fell more than expected

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