Wednesday, April 13, 2011

U.S. stocks fall on revised growth forecasts

U.S. stocks fell sharply Tuesday as trade data led some economists to lower forecasts for economic growth and after a survey signaled heightened cynicism among small business owners.
Ahead of Wall Street’s start, stock futures had declined after Japan raised the level of its nuclear disaster and Alcoa Inc.’s disappointing first-quarter revenue growth weighed on sentiment.
“It’s a bit like the Red Sox season so far, full of promise but also a bad start,” said David Kelly, chief market strategist at J.P. Morgan Asset Management.
But Kelly said investor confidence was especially hit by trade numbers and a survey showing pessimism among small business owners.
“What we’re seeing is a bump in the road, much like last summer. It’s a certain amount of hesitancy, clearly this economy isn’t booming, it’s gradually recuperating,” he said.

Dow Jones Industrial Average

 (DJI: ^DJI )
Index Value:12,263.58
Trade Time:4:02PM EDT
Change:Down 117.53 (0.95%)
Prev Close:12,381.11
Day's Range:12,233.00 -12,381.19
52wk Range:9,596.04 -12,499.00

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