Stocks Stumble Over Weak Economic Forecasts
Hemera/Thinkstock(NEW YORK) — Markets closed in negative territory Tuesday. Stocks slid after another weak forecast of global economic growth and poor expectations for corporate earnings. The Dow fell 110 points, the S&P lost 14 and the Nasdaq was down 47.
The rising price of oil and concerns about the Middle East and the North Sea also led to supply jitters. Oil went up more than $3 to close at over $92 dollars per barrel. The Energy Department says the nationwide average for a gallon of regular gasoline is now $3.85; that’s up five cents from last week.
A survey of small business owners finds they are growing more pessimistic. Weak sales are seen as the biggest problem.
All this economic uncertainty is hurting business travel. The Global Business Travel Association says business trips are down 2 percent from last year. Southwest Airlines has launched a 72-hour airfare sale with discounts up to 40 percent on some flights.
Wal-Mart is testing a same-day delivery system for the holidays. It will be for customers in select markets who shop online. About 5,000 items will be available.
Copyright 2012 ABC News Radio
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