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U.S. stocks close lower amid downbeat IMF forecasts for global growth

2019-04-10 06:39

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NEW YORK, April 9 (Xinhua) -- U.S. stocks ended lower on Tuesday, as the International Monetary Fund (IMF) lowered its forecast for global economic growth for 2019, and investors digested disappointing job openings data.

The Dow Jones Industrial Average fell 190.44 points, or 0.72 percent, to 26,150.58. The S&P 500 was down 17.57 points, or 0.61 percent, to 2,878.20. The Nasdaq Composite Index fell 44.61 points, or 0.56 percent, to 7,909.28.

Shares of American Airlines fell nearly 1.68 percent, after the company cut on Tuesday its revenue guidance for the first quarter, due to protracted grounding of Boeing's 737 Max jets.

Yet shares of Walt Disney rose 1.65 percent, as U.S. leading financial institution Cowen upgraded its rating on the entertainment giant to "outperform" from "market perform," citing positive sentiment.

Nine of the 11 primary S&P 500 sectors traded lower around market close, with the industrials sector down 1.4 percent, leading the losers.

The IMF on Tuesday lowered its global growth forecast for 2019 to 3.3 percent in the newly-released World Economic Outlook report, down 0.2 percentage point from its estimation in January.

The IMF said the world economy faces downside risks brought by potential uncertainties in the ongoing global trade tensions, as well as other country- and sector-specific factors.

On the economic front, U.S. job openings declined to its lowest level in nearly a year, stoking worries over a slowdown in economic growth.

The number of job openings fell to 7.1 million on the last business day of February, the U.S. Bureau of Labor Statistics said Tuesday.

Job openings decreased in a number of industries, with the largest decreases in accommodation and food services, real estate and rental and leasing, followed by transportation, warehousing, and utilities.

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