Stocks Opened Lower amid Global Growth Concerns
- Tuesday, April 5, 2016, 9:52
- Stock Market
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U.S. stocks opened lower on Tuesday, amid simmering concerns that weakness in global growth will deepen. The Dow Jones Industrial Average lately fell 123.16 points, or 0.69%, to 17,613.84. The S&P 500 was off by 20.27 points, or 0.98%, to 2,045.86. The Nasdaq Composite was down 45.29 points, or 0.93%, to 4,846.50.
The trade deficit widened in February to a six-month high as imports increased more than exports, a sign that weakness overseas and the strong dollar may continue to weigh on U.S. economic growth. The trade gap increased 2.6% from January to a seasonally adjusted $47.06 billion, its highest level since August, the Commerce Department said Tuesday.
Oil traded near one-month lows on Tuesday after a surprise fall in gasoline demand in the United States. Brent crude, the global oil price benchmark, was down 27 cents at $37.42 (26 pounds) a barrel at 1238 GMT, close to a one-month low. U.S. futures fell by 28 cents to $35.42.
Pfizer Inc. (PFE) said Tuesday it had positive results in a late-stage trial of Broaden, a treatment for psoriatic arthritis in adults. The company said a first Phase 3 trial of the drug met its primary endpoints.
Darden Restaurants Inc. (DRI) reported Tuesday fiscal third-quarter earnings that fell to $105.8 million, or 82 cents a share, from $133.8 million, or $1.05 a share, in the same period a year ago. Revenue rose to $1.85 billion from $1.73 billion.
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