US stocks sink as investors fear a global slowdown

AP News
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Posted: Oct 07, 2014 4:08 PM
US stocks sink as investors fear a global slowdown

NEW YORK (AP) — The stock market is closing sharply lower as investors worry that global economic growth is slowing.

The Dow Jones industrial dropped 272 points, or 1.6 percent, to 16,719 Tuesday.

The Standard and Poor's 500 fell 29 points, or 1.5 percent, to 1,935. The Nasdaq fell 69 points, or 1.6 percent, to 4,385.

Industrial production in Germany dropped the most in five years and the International Monetary Fund cut its outlook for global growth this year and next.

SodaStream plunged 22 percent after the company said it isn't winning over enough new customers in the U.S. General Motors dropped 6 percent after analysts at Morgan Stanley said the automaker's earnings will suffer as it invests in production.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.34 percent.