Stocks Opened Lower as Global Growth Concerns Weighed

U.S. stocks opened lower on Tuesday as new signs of slowing global growth continue to emerge. The Dow Jones Industrial Average lately fell 142.12 points, or 0.58%, to 24,564.23. The S&P 500 dropped 17.40 points, or 0.65%, to 2,653.31. The Nasdaq Composite declined 55.35 points, or 0.77%, to 7,101.88.

Oil futures slumped Wednesday, after a warning from the International Monetary Fund and weak economic data out of China underlined concerns about global economic growth. West Texas Intermediate crude for February delivery fell $1.01, or 1.9%, to $53.03 a barrel. March Brent lost $1.24, or 2%, to trade at $61.50 a barrel.

On Monday, China reported that its economy expanded by 6.6% last year, the slowest pace of growth for the country since 1990. This comes as data for China’s consumer spending, factory activity and car sales all sagged for the fourth quarter of 2018.

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