IMF forecast hurts U.S. Stocks
Published April 12th, 2007
U.S. stocks fell the most in two weeks Wednesday after the International Monetary Fund said that the American economy would grow at the slowest pace in five years.
Honeywell International and Caterpillar pushed the Dow Jones industrial average to its first retreat in nine sessions.
Citigroup contributed the most to the loss in the Standard & Poor’s 500-stock index after saying it would take a $1.38 billion pretax charge as the first-quarter earnings season got under way.
A worsening housing slump will curb expansion in the U.S. economy, the world’s largest, to 2.2 percent in 2007, compared with a September estimate of 2.9 percent, the IMF said in its World Economic Outlook.
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