News

Worsening outlook for the economy pulls stocks sharply lower on Wall Street; Dow off 138

NEW YORK, N.Y. – The stock market fell the most in two weeks as the outlook for the economy grew dimmer.

The Dow Jones industrial average fell 138 points to close at 14,701 Wednesday. The Standard & Poor’s 500 dropped 14 to 1,582. The Nasdaq lost 29 points to 3,299.

All three indexes fell 0.9 per cent.

Small-company stocks fell more than the rest of the market. The Russell 2000 index sank 2.5 per cent.

Stocks sagged following a slowdown in hiring and manufacturing last month. Big-name companies reported disappointing results.

Bond yields fell as investors sought safety. The yield on the 10-year Treasury note fell to 1.63 per cent, its lowest of the year.

Three stocks fell for every one that rose on the New York Stock Exchange. Volume was below average at 3.4 billion shares.