Stocks fall on worries about global growth

By msnbc.com news services

U.S. stocks fell Wednesday on worries about global economic growth.

Stock markets in Asia fell after a survey showed manufacturing slowing in China, the world's second-largest economy. That came a day after the U.S. government lowered its estimate of third-quarter economic growth in the world's biggest economy.

Before U.S. markets opened Wednesday, the government released a mixed batch of economic reports.

The Labor Department said initial unemployment claims rose to 393,000 last week, slightly more than economists expected.

Consumer spending increased 0.1 percent last month, below expectations and the weakest gain in four months. Incomes, however, were up 0.4 percent, which was slightly better than expected.

Orders for long-lasting manufactured products fell for a second straight month. The Commerce Department said durable goods orders fell 0.7 percent, led by a drop in spending for commercial aircraft.

Stock futures cut some of their losses after the data came out.

In corporate news, Deere & Co. said strong sales of its farm equipment helped boost the company's fourth quarter profit by 46 percent, beating Wall Street expectations. Deere shares rose almost 6 percent in premarket dealings.

In Europe, Germany failed to raise as much money as planned in an auction of 10-year bonds. Investors placed bids for only 60 percent of the 6 billion euros ($8.1 billion) up for sale. Part of the problem was the low interest rate, 1.98 percent, the lowest yield for 10-year bonds in the country's history.

The U.S. government's revision to third quarter economic growth helped knock stocks lower on Tuesday. Higher borrowing costs for Spain's government also renewed worries about Europe's debt crisis.

Through Tuesday's close, the S&P 500 is down 2.2 percent for the week and 5.2 percent for November. The Dow has lost 2.6 percent this week and 3.9 this month.

The Associated Press contributed to this report.

Source: http://bottomline.msnbc.msn.com/_news/2011/11/23/8975017-stocks-fall-on-worries-about-global-growth

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