Stocks Plunge as Global Growth Fears Mount

U.S. stocks fell on Wednesday as investor fears of a global economic slowdown deepened after several weeks of turbulent market action. At close, the Dow Jones industrial average fell 173.45 points, or 1.06%, to 16,141.74. The S&P 500 lost 15.21 points, or 0.81%, to 1,862.49. The Nasdaq Composite dropped 11.85 points, or 0.28%, to 4,215.32.

American Express Co (AXP), the world’s largest credit card issuer, reported an 8.1 percent rise in quarterly profit as customers spent more using the company’s credit cards. Net income rose to $1.48 billion, or $1.40 per share, in the third quarter ended Sept. 30 from $1.37 billion, or $1.25 per share, a year earlier.

Wal-Mart Stores Inc. (WMT) Chief Financial Officer Charles Holley on Wednesday cut the company’s sales
outlook this year to a gain of 2% to 3% from a prior guidance of 3% to 5%.

Qualcomm Inc. (QCOM) said Wednesday that it has offered to buy U.K. chip maker CSR PLC (CSR) in a $2.5
billion (1.56 billion pounds) deal.

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