Stocks Skid on Economic Growth Worries

Dow ends day down 301
By Newser Editors and Wire Services
Posted Jan 22, 2019 3:00 PM CST
In this Jan. 18, 2019, file photo specialist Anthony Rinaldi, left, and trader Robert Gasparino work on the floor of the New York Stock Exchange.   (AP Photo/Richard Drew, File)

(Newser) – Stocks are closing with sharp losses amid new signs the global economy is slowing, the AP reports. The International Monetary Fund on Tuesday cut its 2019 growth forecast, pointing to heightened trade tensions and rising interest rates. Technology and energy companies skidded. So did industrial companies, hurt by the slower growth forecast as well as some weak fourth-quarter earnings. Investors' fears about the U.S.-China trade dispute also affected stocks. The Financial Times reported that the U.S. canceled a round of preparatory trade talks scheduled for this week. The S&P 500 fell 37 points, or 1.4%, to 2,632. The Dow Jones Industrial Average lost 301 points, or 1.2%, to 24,404. The Nasdaq composite slid 136 points, or 1.9%, to 7,020. (Read more stock market stories.)

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