U.S. stocks drop on global economic forecast
WTO panel ruling: China discriminates against foreign card suppliers
NEW YORK (MarketWatch) — U.S. stocks declined Monday, with two of three benchmark indexes off for a seventh in eight sessions, after the International Monetary Fund reduced its global economic outlook. “There is worry about the China demand story and then we have a game of chicken between Congress and the fiscal cliff, and then there’s is [Federal Reserve Chairman] Ben Bernanke and monetary policy, knowing he can’t do it all by himself,” said Art Hogan, a managing director at Lazard Capital Markets.
“Even though we have sluggish economic growth, we don’t necessarily need to go careening off the cliff into a double-dip recession, so we’ll see if we can get fiscal policy stimulus,” Hogan said of the inability of Democrats and Republicans to reach agreement before a slew of tax cuts expire at the end of the year and nearly $1 trillion in across-the-board spending cuts are implemented.
The Dow Jones Industrial Average (DJI JIA) shed 49.88 points, or 0.4%, to 12,727.21
http://www.marketwatch.com/story/us-stocks-lo...2012-07-16