U.S stocks fall on earnings, IMF forecast revision; Dow drops 0.94%
Published Apr 17, 2013 04:58PM ET
At the close of U.S. trading, the Dow Jones Industrial Average finished down 0.94%, the S&P 500 index fell 1.43%, while the Nasdaq Composite index fell 1.84%.
Weaker-than-expected quarterly earnings statements from Bank of America, JPMorgan Chase and other financial and technology companies sent stocks plunging as did an International Monetary Fund decision to cut its forecast for global growth rates.
The IMF trimmed its 2013 world economic growth forecast to 3.3%, down from a January projection of 3.5%, while the multilateral lending institution's 2014 growth forecast fell to 4.0% from 4.1%.
The IMF move came days in wake of disappointing Chinese growth and industrial output figures that fueled fears that global economic recovery faces potholes.
Leading Dow Jones Industrial Average performers included Johnson & Johnson, up 0.55%, Home Depot, up 0.47%, and Coca-Cola, up 0.45%.
The Dow Jones Industrial Average's worst performers included Bank of America, down 4.72%, JPMorgan Chase, down 3.51%, and Hewlett-Packard, down 2.66%.
European indices, meanwhile, finished lower.
After the close of European trade, the EURO STOXX 50 fell 2.14%, France's CAC 40 fell 2.35%, while Germany's DAX 30 finished down 2.34%. Meanwhile, in the U.K. the FTSE 100 fell 0.96%.
On Thursday, the U.S. is to release a weekly government report on initial jobless claims as well as data on manufacturing activity in Philadelphia.
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Written By: Investing.com
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