Weak growth forecast, sales slump send US stocks lower
NEW YORK (AP) — Stocks are falling and bond prices are rising following some discouraging news on the U.S. economy and a weaker forecast of global growth.
The price of copper, a key commodity that’s widely used in construction and manufacturing, slumped to a five-year low Wednesday.
The World Bank forecast that that global economic growth this year won’t be as high as previously thought. The U.S. Commerce Department reported a drop in retail sales last month.
The Dow Jones industrial average was down 220 points, or 1.3 percent, to 17,392 as of 11:45 a.m. Eastern time.
The Standard & Poor’s 500 fell 19 points, 0.9 percent, to 2,004. The Nasdaq composite fell 29 points, or 0.6 percent, to 4,631.
Bond prices rose. The yield on the 10-year Treasury note dropped to 1.82 percent.